Blake School 2022 Bonds

City of Columbus, Minnesota
Educational Facilities Revenue & Revenue Refunding Note
(The Blake School Project)
Series 2022A and Series 2022B


The Blake School is an independent, college preparatory school with campuses located in Wayzata, Hopkins and Minneapolis, Minnesota. The School serves 1,365 students in pre-kindergarten through twelfth grade.  The School employs over 300 full- and part-time faculty and staff.

Project Overview

The Project consists of the financing and development of a new Early Learning Center and the unification of its Wayzata and Hopkins Lower School campuses on the Hopkins campus.

Financing Overview

Proceeds of the Series 2022 Notes were used to (1) refund the School’s existing tax-exempt bank debt, (2) finance the Project described above and (3) fund transaction costs. The Series 2022 Notes were issued through the City of Columbus, Minnesota and structured in two series with rates in the low 2% range. The Series 2022B Notes (which were used to refund existing debt and fund transaction costs) were structured with a fully amortizing 20 year conventional fixed rate. The Series 2022A Notes were also structured with a 20 year conventional fixed rate but amortized over 30 years. The Series 2022A Notes were “wrapped” around the Series 2022B Notes to produce aggregate level debt service over the next 30 years.

The financing closed successfully on February 28, 2022.