Co-Founder of String Theory Schools Announces Plan to Invest One Billion Dollars into Fixing Philadelphia Schools
PHILADELPHIA–(BUSINESS WIRE)–At last week’s Philadelphia mayoral forum on Education, Innovation, and Technology hosted by the NAACP Philadelphia Branch, Dr. Jason Corosanite, Co-founder of String Theory Schools, announced to candidates that he was committed to providing $1 billion dollars to fix Philadelphia schools.
He said, “Public Education is something that unites us all. Families from every income level and every neighborhood send their children to publicly funded schools, and we must do better.”
String Theory opened its flagship high school in 2013 in the former headquarters of GlaxoSmithKline at 16th and Vine Streets in Philadelphia. The school has been recognized by Apple and Edutopia, George Lucas’ educational foundation, as one of the most innovative school models in the country.
“Due to the success of our schools, we get calls from governors, senators, and mayors throughout the country asking how they can get a String Theory school in their neighborhoods,” Corosanite added. They have the ability to attract this level of commitment from investors to build new schools. “Our preference is to make this investment in Philadelphia, but we may have to invest in another city if we don’t get a mayor that is supportive of fixing our schools.”
According to the most recent School District of Philadelphia Facility Condition Assessment, there is over $4.5 billion dollars in deferred maintenance on Philadelphia schools with an additional $3.2 billion in funding requirements due between 2018 and 2027. However, according to Corosanite, “The School District of Philadelphia is close to its debt borrowing limit and has very little if any capacity to renovate or build new schools.”
“It’s not a stretch to invest this scale of money into worthwhile building projects and we have the experience to do it.” In 2013, The Philadelphia Authority for Industrial Development issued revenue bonds totaling $55.5 million for String Theory’s high school.
About String Theory Schools:
String Theory Schools is an Education Management Organization (EMO) with tuition-free schools that offer a STEAM curriculum – science, technology, engineering, arts and math — with a specialized focus on the arts and sciences through a unique Majors Program. Students are involved in innovative thinking and problem-solving with the goal of developing the next generation of creative leaders. For more information, www.stringtheoryschools.
Feldscher Horwitz Public Relations
Sharla Feldscher, 215-285-4868, [email protected]