Operis provided a formal model audit of the financial model in support of the financial close on the Prince George’s County Public Schools (PGCPS) Alternative Construction Financing Project.
The Prince George’s County Education & Community Partners (PGCECP) consortium, led by Fengate and Gilbane, reached financial close for this DBFM project on December 18, 2020. The project involves the design, build, finance, and maintenance of six new schools in Prince George’s County, Maryland, for which construction is expected to be completed in 2023. This multi-school delivery program is the first of its kind in the U.S. and is designed to build new schools faster, with lower construction costs, and with preventative maintenance.
Following commercial and financial close, PGCPS and PGCECP announced the creation of a $1 million endowed fund supporting scholarships, student internships, mentoring opportunities, and apprenticeships, as part of the school system’s Alternative Construction Finance Program.