Imagine Charter Elementary at Camelback $629,059 Imagine Charter Elementary at Desert West $1,117,802 Imagine Coolidge Elementary, Inc. $872,963 Imagine Desert West Middle, Inc. $279,454 Imagine Elementary at Tempe $669,166 Imagine Middle at East Mesa, Inc. $122,226 Imagine Middle Surprise, Inc. $1,301,612 Imagine Prep Coolidge Inc $795,003 Imagine Prep Superstition, INC $878,393 Imagine Preparatory Surprise, Inc $499,635 Imagines Cortez Park Middle $186,749 Imagine Rosefield $875,451 Bell Canyon Charter School, Inc. Imagine West Gilbert Charter Elementary School Imagine West Gilbert Charter Middle School Imagine Superstition Middle, INC Lease not Set Totals $9,697,291 Schoolhouse Finance LLC owns some of the properties and leases others. SchoolHouse then leases facilities to Imagine Inc. who then leases them to the Imagine schools. There are no mortgage amounts or purchase prices available for the properties owned by SchoolHouse and there are no records of the lease amounts SchoolHouse Finance pays. Imagine Inc. could lease buildings directly from the owner, but instead Imagine “self-deals” the leases through Schoolhouse Finance LLC. The two Imagine Desert West schools (on one campus) were financed using a scheme SchoolHouse Financial has come under fire for in other states. Desert West was divided into five “lots” that were sold to individual investors who leased the lots back to SchoolHouse LLC. SchoolHouse then leased the school back to Imagine Inc., providing profits for the investors, SchoolHouse Finance and Imagine Inc. (This complex transaction cannot be traced through records with the county recorder since most investors bought the lots for cash there are no records of purchase prices. Lease amounts also are not available in public records. We will attempt to research this transaction more completely in later reports.)
Imagine Charter Elementary at Camelback $629,059 Imagine Charter Elementary at Desert West $1,117,802 Imagine Coolidge Elementary, Inc. $872,963 Imagine Desert West Middle, Inc. $279,454 Imagine Elementary at Tempe $669,166 Imagine Middle at East Mesa, Inc. $122,226 Imagine Middle Surprise, Inc. $1,301,612 Imagine Prep Coolidge Inc $795,003 Imagine Prep Superstition, INC $878,393 Imagine Preparatory Surprise, Inc $499,635 Imagines Cortez Park Middle $186,749 Imagine Rosefield $875,451 Bell Canyon Charter School, Inc. Imagine West Gilbert Charter Elementary School Imagine West Gilbert Charter Middle School Imagine Superstition Middle, INC Lease not Set Totals $9,697,291 Schoolhouse Finance LLC owns some of the properties and leases others. SchoolHouse then leases facilities to Imagine Inc. who then leases them to the Imagine schools. There are no mortgage amounts or purchase prices available for the properties owned by SchoolHouse and there are no records of the lease amounts SchoolHouse Finance pays. Imagine Inc. could lease buildings directly from the owner, but instead Imagine “self-deals” the leases through Schoolhouse Finance LLC. The two Imagine Desert West schools (on one campus) were financed using a scheme SchoolHouse Financial has come under fire for in other states. Desert West was divided into five “lots” that were sold to individual investors who leased the lots back to SchoolHouse LLC. SchoolHouse then leased the school back to Imagine Inc., providing profits for the investors, SchoolHouse Finance and Imagine Inc. (This complex transaction cannot be traced through records with the county recorder since most investors bought the lots for cash there are no records of purchase prices. Lease amounts also are not available in public records. We will attempt to research this transaction more completely in later reports.)
feb_13_final_imagine_part_4_.docx