This bill amends various provisions related to charter school facilities in Minnesota, specifically focusing on the establishment and operation of affiliated nonprofit building corporations. Key changes include the stipulation that no charter school may create an affiliated nonprofit corporation after May 31, 2024, and the requirement for the title and ownership of facilities owned by such corporations to be transferred to the charter school upon refinancing or fulfillment of mortgage terms. Additionally, if a charter school closes before the transfer of facilities, the nonprofit corporation must sell the facilities at fair market value, with proceeds returned to the state after settling any mortgage or bond obligations.

The bill also introduces new criteria for charter schools wishing to purchase or construct facilities, including a requirement for at least seven years of operation, a current letter of standing from their authorizer, and various documentation related to financial planning and feasibility studies. Furthermore, it modifies the terminology from "building lease" to "facility" throughout the statutes, reflecting a broader scope of ownership and operational responsibilities for charter schools regarding their facilities. The bill emphasizes compliance with legal requirements and oversight by the charter school's authorizer to ensure accountability in the management of affiliated nonprofit building corporations.

Statutes affected:
Introduction: 124E.13, 124E.22, 124E.26