May depend on how well the basketball team does.
Via Cleveland Com:
You wouldn’t know from all the national coverage that LeBron James isn’t paying for everything at his new I Promise School in Akron.
He’s paying for part of it. A good part of it.
But it’s also a public school within the Akron school district , which means that taxpayers will pay for the bulk of the costs.
The exact breakdown of expenses for the new I Promise School is unclear, since the district and the LeBron James Family Foundation are still sorting out final details of their contract. But the district will pay more than half the costs – perhaps around 75 percent – once it is fully running.
District officials are walking a fine line this week as they try to explain how the new school, which aims to help at-risk students, will work.
On the one hand, James and his foundation are making a huge gift to the city and its students to complete a vision James says he has been developing for years.
The foundation says it’s spending about $2 million for the school’s first year, including startup costs. It has also committed to spending $2 million or more a year when the school has grown to capacity. The exact amount is still to be determined.
In addition, James’ name is also instrumental in drawing the community support that will let the school help some of the most struggling kids in the city.
“This school would not have happened without the partnership with LeBron James,” said district Treasurer Ryan Pendleton.
On the other hand, I Promise is a district school. It’s not a private school or even a charter school, a form of public schools that are funded with tax dollars but are privately-run.
Though James will have a huge influence on the school, I Promise will be run by the district.
It’s a district-owned building. The district will hire and pay the teachers and administration. Kids will ride district buses to school. And they will all eat the free breakfast and lunch the district gives all students.
HT: Snyper77