CITY OF CHICAGO. YEAR 3 Child-Parent Center Expansion Prospective Cohort Size: 782 October 6, 2014 PROJECT SUPPLEMENT CLOSING August 15, 2016 09/01/16 FUNDING GSSIF (44%) $1,051,802 Northern Trust (32%) $764,947 XX Xxxxxxxx Foundation (24%) $573,710 01/01/17 FUNDING GSSIF (44%) $999,552 Northern Trust (32%) $726,947 XX Xxxxxxxx Foundation (24%) $545,210 TOTAL SOURCES OF FUNDS GSSIF (44%) $2,051,355 Northern Trust (32%) $1,491,894 XX Xxxxxxxx Foundation (24%) $1,118,921 TOTAL Year 3 Sources $4,662,170 USES OF FUNDS Disbursement to CPS (09/01/16) $2,271,710 Disbursement to CPS (01/01/17) $5,810 * 782 slots $2,271,710 Audit fees $10,000 Project Coordinator: IFF Year 3 $108,750 TOTAL Year 3 Uses $4,662,170 EVALUATOR RESERVE At closing, there will be an unfunded Evaluator Reserve of $319,000 established funding of which can be requested by IFF if philanthropic funding for the Evaluator Fees to be funded in the Third and Fourth Subsequent Project Years is not identified, and in such event (subject to the satisfaction of the applicable funding conditions) the Evaluator Reserve amount will be advanced Pro Rata by each GSSIF, Northern Trust and X.X. Xxxxxxxx Foundation in the above percentages. CITY ESCROW By August 15, 2016, the City will wire $1,305,256 to Bank to escrow the City Pay-For-Success Payments the City may pay for the Subsequent Project Year Cohort for Project Year 2016 – 2017. CITY OF CHICAGO – YEAR 4 Child-Parent Center Expansion Prospective Cohort Size: 680 October 6, 2014 PROJECT SUPPLEMENT CLOSING August 15, 2017 09/01/17 FUNDING GSSIF (44%) $1,007,050 Northern Trust (32%) $732,400 XX Xxxxxxxx Foundation (24%) $549,300 01/01/18 FUNDING GSSIF (44%) $897,600 Northern Trust (32%) $652,800 XX Xxxxxxxx Foundation (24%) $489,600 TOTAL SOURCES OF FUNDS GSSIF (44%) $1,904,650 Northern Trust (32%) $1,385,200 XX Xxxxxxxx Foundation (24%) $1,038,900 Total Year 4 Sources $4,328,750 USES OF FUNDS Disbursement to CPS (09/01/17) $2,040,000 Disbursement to CPS (01/01/18) $6,000 * 680 slots $2,040,000 Audit fees $140,000 Project Coordinator: IFF Year 4 $108,750 TOTAL Year 4 Uses $4,328,750 EVALUATOR RESERVE At closing, there will be an unfunded Evaluator Reserve of $319,000 established funding of which can be requested by IFF if philanthropic funding for the Evaluator Fees to be funded in the Third and Fourth Subsequent Project Years is not identified, and in such event (subject to the satisfaction of the applicable funding conditions) the Evaluator Reserve amount will be advanced Pro Rata by each GSSIF, Northern Trust and X.X. Xxxxxxxx Foundation in the above percentages. CITY ESCROW By August 15, 2017, the City will wire $1,135,005 to Bank to escrow the City Pay-For-Success Payments the City may pay for the Subsequent Project Year Cohort for Project Year 2017 – 2018. CITY OF CHICAGO – BASE CASE IMPACT AND MOBILITY ASSUMPTIONS Child-Parent Center Expansion October 6, 2014 Grade Base Case Kindergarten Readiness Attainment Base Case Third Grade Literacy At Grade Level Base Case Control Group % Special Education Usage Base Case % Decrease in Special Education Usage Cumulative Mobility K 50.0% 0.0% 10.6% 44.5% 7.0% 1 0.0% 0.0% 12.4% 45.3% 9.5% 2 0.0% 0.0% 15.8% 48.6% 12.0% 3 0.0% 50.0% 20.2% 48.6% 14.5% 4 0.0% 0.0% 21.7% 41.0% 17.0% 5 0.0% 0.0% 20.3% 31.8% 19.5% 6 0.0% 0.0% 25.4% 45.4% 22.0% 7 0.0% 0.0% 22.5% 39.9% 24.5% 8 0.0% 0.0% 22.5% 39.9% 27.0% 9 0.0% 0.0% 22.5% 39.9% 29.5% 10 0.0% 0.0% 22.5% 39.9% 32.0% 11 0.0% 0.0% 22.5% 39.9% 34.5% 12 0.0% 0.0% 22.5% 39.9% 37.0% CITY OF CHICAGO – PAY-FOR-SUCCESS PAYMENTS PER SLOT Child-Parent Center Expansion October 6, 2014 School Year Beginning September: Annual Savings Rate for Special Education Payments Kindergarten Readiness Payments Third Grade Literacy Payments 2014 N/A $0 $0 2015 $9,100 $2,900 $0 2016 $9,191 $2,900 $0 2017 $9,283 $2,900 $0 2018 $9,376 $2,900 $750 2019 $9,469 $0 $750 2020 $9,564 $0 $750 2021 $9,660 $0 $750 2022 $9,756 $0 $0 2023 $9,854 $0 $0 2024 $9,953 $0 $0 2025 $10,052 $0 $0 2026 $10,153 $0 $0 2027 $10,254 $0 $0 2028 $10,357 $0 $0 2029 $10,460 $0 $0 2030 $10,565 $0 $0 CITY OF CHICAGO – BASE CASE PFS PAYMENTS PROJECT YEAR COHORT 1 374 STUDENTS Child-Parent Center Expansion October 6, 2014 School Year Beginning September: Grade Board Pay for Success Payment at Base Case Level for School Year: City Pay for Success Payment at Base Case Level for School Year: 2014 CPC $0 $0 2015 K $149,438 $504,339 2016 1 $174,842 $0 2017 2 $234,690 $0 2018 3 $294,078 $119,914 2019 4 $261,542 $0 2020 5 $185,979 $0 2021 6 $325,172 $0 2022 7 $246,983 $0 2023 8 $241,193 $0 2024 9 $235,262 $0 2025 10 $229,188 $0 2026 11 $222,970 $0 2027 12 $216,604 $0 Total $3,017,941 $624,253 CITY OF CHICAGO – BASE CASE PFS PAYMENTS PROJECT YEAR COHORT 2 782 STUDENTS Child-Parent Center Expansion October 6, 2014 School Year Beginning September: Grade Board Pay for Success Payment at Base Case Level for School Year: City Pay for Success Payment at Base Case Level for School Year: 2015 CPC $0 $0 2016 K $315,585 $1,054,527 2017 1 $369,234 $0 2018 2 $495,623 $0 2019 3 $621,039 $250,729 2020 4 $552,330 $0 2021 5 $392,753 $0 2022 6 $686,704 $0 2023 7 $521,583 $0 2024 8 $509,355 $0 2025 9 $496,830 $0 2026 10 $484,004 $0 2027 11 $470,872 $0 2028 12 $457,429 $0 Total $6,373,342 $1,305,256 CITY OF CHICAGO – BASE CASE PFS PAYMENTS PROJECT YEAR COHORT 3 782 STUDENTS Child-Parent Center Expansion October 6, 2014 School Year Beginning September: Grade Board Pay for Success Payment at Base Case Level for School Year: City Pay for Success Payment at Base Case Level for School Year: 2016 CPC $0 $0 2017 K $318,741 $1,054,527 2018 1 $372,927 $0 2019 2 $500,579 $0 2020 3 $627,249 $250,729 2021 4 $557,853 $0 2022 5 $396,680 $0 2023 6 $693,571 $0 2024 7 $526,799 $0 2025 8 $514,448 $0 2026 9 $501,799 $0 2027 10 $488,844 $0 2028 11 $475,581 $0 2029 12 $462,003 $0 Total $6,437,075 $1,305,256 CITY OF CHICAGO – BASE CASE PFS PAYMENTS PROJECT YEAR COHORT 4 680 STUDENTS Child-Parent Center Expansion October 6, 2014 Board City School Year Pay for Success Pay for Success Beginning Grade Payment at Base Payment at Base September: Case Level Case Level for School Year: for School Year: 2017 CPC $0 $0 2018 K $279,938 $916,980 2019 1 $327,527 $0 2020 2 $439,639 $0 2021 3 $550,889 $218,025 2022 4 $489,941 $0 2023 5 $348,389 $0 2024 6 $609,136 $0 2025 7 $462,667 $0 2026 8 $451,820 $0 2027 9 $440,710 $0 2028 10 $429,333 $0 2029 11 $417,684 $0 2030 12 $405,759 $0 Total $5,653,432 $1,135,005 CITY OF CHICAGO – PROJECTED BOARD BUDGETED PAY-FOR-SUCCESS FUNDS Child-Parent Center Expansion October 6, 2014 School Year Beginning September: Projected Board Budgeted Pay-For- Success Funds: 2014 $0 2015 $149,438 2016 $490,427 2017 $922,665 2018 $1,442,565 2019 $1,710,688 2020 $1,805,197 2021 $1,826,667 2022 $1,820,308 2023 $1,804,735 2024 $1,880,552 2025 $1,703,134 2026 $1,660,593 2027 $1,617,031 2028 $1,362,343 2029 $879,687 2030 $405,759 Total $21,481,790 CITY OF CHICAGO –CITY ESCROWED PAY-FOR-SUCCESS FUNDS Child-Parent Center Expansion October 6, 2014 School Year Beginning September: City Escrowed Pay-For-Success Funds: 2014 $624,253 2015 $1,305,256 2016 $1,305,256 2017 $1,135,005 Total $4,369,770 CITY OF CHICAGO –SCHEDULE ON WHICH IFF FEES ARE DEEMED TO BE EARNED ASSUMING PROJECT SUPPLEMENTS FOR ALL THREE SUBSEQUENT PROJECT YEARS Child-Parent Center Expansion October 6, 2014 Date IFF Fee is Earned: IFF Fee: 11/12/2014 $ 75,000 11/12/2015 $ 40,000 11/12/2016 $ 40,000 11/12/2017 $ 40,000 11/12/2018 $ 35,000 11/12/2019 $ 35,000 11/12/2020 $ 25,000 11/12/2021 $ 25,000 11/12/2022 $ 25,000 11/12/2023 $ 25,000 11/12/2024 $ 15,000 11/12/2025 $ 15,000 11/12/2026 $ 15,000 11/12/2027 $ 15,000 11/12/2028 $ 15,000 11/12/2029 $ 15,000 11/12/2030 $ 15,000 Total $470,000 Schedule 4.5
Appears in 2 contracts
Samples: Senior Loan Agreement, Senior Loan Agreement
CITY OF CHICAGO. YEAR 3 Child-Parent Center Expansion Prospective Cohort Size: 782 October 6, 2014 PROJECT SUPPLEMENT CLOSING August 15, 2016 09/01/16 FUNDING GSSIF (44%) $1,051,802 Northern Trust (32%) $764,947 XX Xxxxxxxx Foundation (24%) $573,710 01/01/17 FUNDING GSSIF (44%) $999,552 Northern Trust (32%) $726,947 XX Xxxxxxxx Foundation (24%) $545,210 TOTAL SOURCES OF FUNDS GSSIF (44%) $2,051,355 Northern Trust (32%) $1,491,894 XX Xxxxxxxx Foundation (24%) $1,118,921 TOTAL Year 3 Sources $4,662,170 USES OF FUNDS Disbursement to CPS (09/01/16) $2,271,710 Disbursement to CPS (01/01/17) $5,810 * 782 slots $2,271,710 Audit fees $10,000 Project Coordinator: IFF Year 3 $108,750 TOTAL Year 3 Uses $4,662,170 EVALUATOR RESERVE At closing, there will be an unfunded Evaluator Reserve of $319,000 established funding of which can be requested by IFF if philanthropic funding for the Evaluator Fees to be funded in the Third and Fourth Subsequent Project Years is not identified, and in such event (subject to the satisfaction of the applicable funding conditions) the Evaluator Reserve amount will be advanced Pro Rata by each GSSIF, Northern Trust and X.X. Xxxxxxxx Foundation in the above percentages. CITY ESCROW By August 15, 2016, the City will wire $1,305,256 to Bank to escrow the City Pay-For-Success Payments the City may pay for the Subsequent Project Year Cohort for Project Year 2016 – 2017. CITY OF CHICAGO – YEAR 4 Child-Parent Center Expansion Prospective Cohort Size: 680 October 6, 2014 PROJECT SUPPLEMENT CLOSING August 15, 2017 09/01/17 FUNDING GSSIF (44%) $1,007,050 Northern Trust (32%) $732,400 XX Xxxxxxxx Foundation (24%) $549,300 01/01/18 FUNDING GSSIF (44%) $897,600 Northern Trust (32%) $652,800 XX Xxxxxxxx Foundation (24%) $489,600 TOTAL SOURCES OF FUNDS GSSIF (44%) $1,904,650 Northern Trust (32%) $1,385,200 XX Xxxxxxxx Foundation (24%) $1,038,900 Total Year 4 Sources $4,328,750 USES OF FUNDS Disbursement to CPS (09/01/17) $2,040,000 Disbursement to CPS (01/01/18) $6,000 * 680 slots $2,040,000 Audit fees $140,000 Project Coordinator: IFF Year 4 $108,750 TOTAL Year 4 Uses $4,328,750 EVALUATOR RESERVE At closing, there will be an unfunded Evaluator Reserve of $319,000 established funding of which can be requested by IFF if philanthropic funding for the Evaluator Fees to be funded in the Third and Fourth Subsequent Project Years is not identified, and in such event (subject to the satisfaction of the applicable funding conditions) the Evaluator Reserve amount will be advanced Pro Rata by each GSSIF, Northern Trust and X.X. Xxxxxxxx Foundation in the above percentages. CITY ESCROW By August 15, 2017, the City will wire $1,135,005 to Bank to escrow the City Pay-For-Success Payments the City may pay for the Subsequent Project Year Cohort for Project Year 2017 – 2018. CITY OF CHICAGO – BASE CASE IMPACT AND MOBILITY ASSUMPTIONS Child-Parent Center Expansion October 6, 2014 Grade Base Case Kindergarten Readiness Attainment Base Case Third Grade Literacy At Grade Level Base Case Control Group % Special Education Usage Base Case % Decrease in Special Education Usage Cumulative Mobility K 50.0% 0.0% 10.6% 44.5% 7.0% 1 0.0% 0.0% 12.4% 45.3% 9.5% 2 0.0% 0.0% 15.8% 48.6% 12.0% 3 0.0% 50.0% 20.2% 48.6% 14.5% 4 0.0% 0.0% 21.7% 41.0% 17.0% 5 0.0% 0.0% 20.3% 31.8% 19.5% 6 0.0% 0.0% 25.4% 45.4% 22.0% 7 0.0% 0.0% 22.5% 39.9% 24.5% 8 0.0% 0.0% 22.5% 39.9% 27.0% 9 0.0% 0.0% 22.5% 39.9% 29.5% 10 0.0% 0.0% 22.5% 39.9% 32.0% 11 0.0% 0.0% 22.5% 39.9% 34.5% 12 0.0% 0.0% 22.5% 39.9% 37.0% CITY OF CHICAGO – PAY-FOR-SUCCESS PAYMENTS PER SLOT Child-Parent Center Expansion October 6, 2014 School Year Beginning September: Annual Savings Rate for Special Education Payments Kindergarten Readiness Payments Third Grade Literacy Payments 2014 N/A $0 $0 2015 $9,100 $2,900 $0 2016 $9,191 $2,900 $0 2017 $9,283 $2,900 $0 2018 $9,376 $2,900 $750 2019 $9,469 $0 $750 2020 $9,564 $0 $750 2021 $9,660 $0 $750 2022 $9,756 $0 $0 2023 $9,854 $0 $0 2024 $9,953 $0 $0 2025 $10,052 $0 $0 2026 $10,153 $0 $0 2027 $10,254 $0 $0 2028 $10,357 $0 $0 2029 $10,460 $0 $0 2030 $10,565 $0 $0 CITY OF CHICAGO – BASE CASE PFS PAYMENTS PROJECT YEAR COHORT 1 374 STUDENTS Child-Parent Center Expansion October 6, 2014 School Year Beginning September: Grade Board Pay for Success Payment at Base Case Level for School Year: City Pay for Success Payment at Base Case Level for School Year: 2014 CPC $0 $0 2015 K $149,438 $504,339 2016 1 $174,842 $0 2017 2 $234,690 $0 2018 3 $294,078 $119,914 2019 4 $261,542 $0 2020 5 $185,979 $0 2021 6 $325,172 $0 2022 7 $246,983 $0 2023 8 $241,193 $0 2024 9 $235,262 $0 2025 10 $229,188 $0 2026 11 $222,970 $0 2027 12 $216,604 $0 Total $3,017,941 $624,253 CITY OF CHICAGO – BASE CASE PFS PAYMENTS PROJECT YEAR COHORT 2 782 STUDENTS Child-Parent Center Expansion October 6, 2014 School Year Beginning September: Grade Board Pay for Success Payment at Base Case Level for School Year: City Pay for Success Payment at Base Case Level for School Year: 2015 CPC $0 $0 2016 K $315,585 $1,054,527 2017 1 $369,234 $0 2018 2 $495,623 $0 2019 3 $621,039 $250,729 2020 4 $552,330 $0 2021 5 $392,753 $0 2022 6 $686,704 $0 2023 7 $521,583 $0 2024 8 $509,355 $0 2025 9 $496,830 $0 2026 10 $484,004 $0 2027 11 $470,872 $0 2028 12 $457,429 $0 Total $6,373,342 $1,305,256 CITY OF CHICAGO – BASE CASE PFS PAYMENTS PROJECT YEAR COHORT 3 782 STUDENTS Child-Parent Center Expansion October 6, 2014 School Year Beginning September: Grade Board Pay for Success Payment at Base Case Level for School Year: City Pay for Success Payment at Base Case Level for School Year: 2016 CPC $0 $0 2017 K $318,741 $1,054,527 2018 1 $372,927 $0 2019 2 $500,579 $0 2020 3 $627,249 $250,729 2021 4 $557,853 $0 2022 5 $396,680 $0 2023 6 $693,571 $0 2024 7 $526,799 $0 2025 8 $514,448 $0 2026 9 $501,799 $0 2027 10 $488,844 $0 2028 11 $475,581 $0 2029 12 $462,003 $0 Total $6,437,075 $1,305,256 CITY OF CHICAGO – BASE CASE PFS PAYMENTS PROJECT YEAR COHORT 4 680 STUDENTS Child-Parent Center Expansion October 6, 2014 Board City School Year Pay for Success Pay for Success Beginning Grade Payment at Base Payment at Base September: Case Level Case Level for School Year: for School Year: 2017 CPC $0 $0 2018 K $279,938 $916,980 2019 1 $327,527 $0 2020 2 $439,639 $0 2021 3 $550,889 $218,025 2022 4 $489,941 $0 2023 5 $348,389 $0 2024 6 $609,136 $0 2025 7 $462,667 $0 2026 8 $451,820 $0 2027 9 $440,710 $0 2028 10 $429,333 $0 2029 11 $417,684 $0 2030 12 $405,759 $0 Total $5,653,432 $1,135,005 CITY OF CHICAGO – PROJECTED BOARD BUDGETED PAY-FOR-SUCCESS FUNDS Child-Parent Center Expansion October 6, 2014 School Year Beginning September: Projected Board Budgeted Pay-For- Success Funds: 2014 $0 2015 $149,438 2016 $490,427 2017 $922,665 2018 $1,442,565 2019 $1,710,688 2020 $1,805,197 2021 $1,826,667 2022 $1,820,308 2023 $1,804,735 2024 $1,880,552 2025 $1,703,134 2026 $1,660,593 2027 $1,617,031 2028 $1,362,343 2029 $879,687 2030 $405,759 Total $21,481,790 CITY OF CHICAGO –CITY ESCROWED PAY-FOR-SUCCESS FUNDS Child-Parent Center Expansion October 6, 2014 School Year Beginning September: City Escrowed Pay-For-Success Funds: 2014 $624,253 2015 $1,305,256 2016 $1,305,256 2017 $1,135,005 Total $4,369,770 CITY OF CHICAGO –SCHEDULE ON WHICH IFF FEES ARE DEEMED TO BE EARNED ASSUMING PROJECT SUPPLEMENTS FOR ALL THREE SUBSEQUENT PROJECT YEARS Child-Parent Center Expansion October 6, 2014 Date IFF Fee is Earned: IFF Fee: 11/12/2014 $ 75,000 11/12/2015 $ 40,000 11/12/2016 $ 40,000 11/12/2017 $ 40,000 11/12/2018 $ 35,000 11/12/2019 $ 35,000 11/12/2020 $ 25,000 11/12/2021 $ 25,000 11/12/2022 $ 25,000 11/12/2023 $ 25,000 11/12/2024 $ 15,000 11/12/2025 $ 15,000 11/12/2026 $ 15,000 11/12/2027 $ 15,000 11/12/2028 $ 15,000 11/12/2029 $ 15,000 11/12/2030 $ 15,000 Total $470,000 Schedule 4.5Exhibit C IFF Fees (see attached) CITY OF CHICAGO –SCHEDULE ON WHICH IFF FEES ARE DEEMED TO BE EARNED ASSUMING PROJECT SUPPLEMENTS FOR ALL THREE SUBSEQUENT PROJECT YEARS Child-Parent Center Expansion October 6, 2014 Date IFF Fee is Earned: IFF Fee: 11/12/2014 $ 75,000 11/12/2015 $ 40,000 11/12/2016 $ 40,000 11/12/2017 $ 40,000 11/12/2018 $ 35,000 11/12/2019 $ 35,000 11/12/2020 $ 25,000 11/12/2021 $ 25,000 11/12/2022 $ 25,000 11/12/2023 $ 25,000 11/12/2024 $ 15,000 11/12/2025 $ 15,000 11/12/2026 $ 15,000 11/12/2027 $ 15,000 11/12/2028 $ 15,000 11/12/2029 $ 15,000 11/12/2030 $ 15,000 Total $470,000
Appears in 1 contract
Samples: Senior Loan Agreement
CITY OF CHICAGO. YEAR 3 Child-Parent Center Expansion Prospective Cohort Size: 782 October 6, 2014 PROJECT SUPPLEMENT CLOSING Project Supplement Closing August 15, 2016 09/01/16 FUNDING GSSIF (44%) $1,051,802 Northern Trust (32%) $764,947 XX Xxxxxxxx Foundation (24%) $573,710 01/01/17 FUNDING GSSIF (44%) $999,552 Northern Trust (32%) $726,947 XX Xxxxxxxx Foundation (24%) $545,210 TOTAL SOURCES OF FUNDS Total Sources of Funds GSSIF (44%) $2,051,355 Northern Trust (32%) $1,491,894 XX Xxxxxxxx Foundation (24%) $1,118,921 TOTAL Year 3 Sources $4,662,170 USES OF FUNDS Uses of Funds Disbursement to CPS (09/01/16) $2,271,710 Disbursement to CPS (01/01/17) $5,810 * 782 slots $2,271,710 Audit fees $10,000 Project Coordinator: IFF Year 3 $108,750 TOTAL Year 3 Uses $4,662,170 EVALUATOR RESERVE Evaluator Reserve At closing, there will be an unfunded Evaluator Reserve of $319,000 established funding of which can be requested by IFF if philanthropic funding for the Evaluator Fees to be funded in the Third and Fourth Subsequent Project Years is not identified, and in such event (subject to the satisfaction of the applicable funding conditions) the Evaluator Reserve amount will be advanced Pro Rata by each GSSIF, Northern Trust and X.X. Xxxxxxxx Foundation in the above percentages. CITY ESCROW City Escrow By August 15, 2016, the City will wire $1,305,256 to Bank to escrow the City Pay-For-Success Payments the City may pay for the Subsequent Project Year Cohort for Project Year 2016 – 2017. CITY OF CHICAGO City of Chicago – YEAR 4 Child-Parent Center Expansion Prospective Cohort Size: 680 October 6, 2014 PROJECT SUPPLEMENT CLOSING Project Supplement Closing August 15, 2017 09/01/17 FUNDING GSSIF (44%) $1,007,050 Northern Trust (32%) $732,400 XX Xxxxxxxx Foundation (24%) $549,300 01/01/18 FUNDING GSSIF (44%) $897,600 Northern Trust (32%) $652,800 XX Xxxxxxxx Foundation (24%) $489,600 TOTAL SOURCES OF FUNDS Total Sources of Funds GSSIF (44%) $1,904,650 Northern Trust (32%) $1,385,200 XX Xxxxxxxx Foundation (24%) $1,038,900 Total Year 4 Sources $4,328,750 USES OF FUNDS Uses of Funds Disbursement to CPS (09/01/17) $2,040,000 Disbursement to CPS (01/01/18) $6,000 * 680 slots $2,040,000 Audit fees $140,000 Project Coordinator: IFF Year 4 $108,750 TOTAL Year 4 Uses $4,328,750 EVALUATOR RESERVE At closing, there will be an unfunded Evaluator Reserve of $319,000 established funding of which can be requested by IFF if philanthropic funding for the Evaluator Fees to be funded in the Third and Fourth Subsequent Project Years is not identified, and in such event (subject to the satisfaction of the applicable funding conditions) the Evaluator Reserve amount will be advanced Pro Rata by each GSSIF, Northern Trust and X.X. Xxxxxxxx Foundation in the above percentages. CITY ESCROW By August 15, 2017, the City will wire $1,135,005 to Bank to escrow the City Pay-For-Success Payments the City may pay for the Subsequent Project Year Cohort for Project Year 2017 – 2018. CITY OF CHICAGO – BASE CASE IMPACT AND MOBILITY ASSUMPTIONS Child-Parent Center Expansion October 6, 2014 Grade Base Case Kindergarten Readiness Attainment Base Case Third Grade Literacy At Grade Level Base Case Control Group % Special Education Usage Base Case % Decrease in Special Education Usage Cumulative Mobility K 50.0% 0.0% 10.6% 44.5% 7.0% 1 0.0% 0.0% 12.4% 45.3% 9.5% 2 0.0% 0.0% 15.8% 48.6% 12.0% 3 0.0% 50.0% 20.2% 48.6% 14.5% 4 0.0% 0.0% 21.7% 41.0% 17.0% 5 0.0% 0.0% 20.3% 31.8% 19.5% 6 0.0% 0.0% 25.4% 45.4% 22.0% 7 0.0% 0.0% 22.5% 39.9% 24.5% 8 0.0% 0.0% 22.5% 39.9% 27.0% 9 0.0% 0.0% 22.5% 39.9% 29.5% 10 0.0% 0.0% 22.5% 39.9% 32.0% 11 0.0% 0.0% 22.5% 39.9% 34.5% 12 0.0% 0.0% 22.5% 39.9% 37.0% CITY OF CHICAGO – PAY-FOR-SUCCESS PAYMENTS PER SLOT Child-Parent Center Expansion October 6, 2014 School Year Beginning September: Annual Savings Rate for Special Education Payments Kindergarten Readiness Payments Third Grade Literacy Payments 2014 N/A $0 $0 2015 $9,100 $2,900 $0 2016 $9,191 $2,900 $0 2017 $9,283 $2,900 $0 2018 $9,376 $2,900 $750 2019 $9,469 $0 $750 2020 $9,564 $0 $750 2021 $9,660 $0 $750 2022 $9,756 $0 $0 2023 $9,854 $0 $0 2024 $9,953 $0 $0 2025 $10,052 $0 $0 2026 $10,153 $0 $0 2027 $10,254 $0 $0 2028 $10,357 $0 $0 2029 $10,460 $0 $0 2030 $10,565 $0 $0 CITY OF CHICAGO – BASE CASE PFS PAYMENTS PROJECT YEAR COHORT 1 374 STUDENTS Child-Parent Center Expansion October 6, 2014 School Year Beginning September: Grade Board Pay for Success Payment at Base Case Level for School Year: City Pay for Success Payment at Base Case Level for School Year: 2014 CPC $0 $0 2015 K $149,438 $504,339 2016 1 $174,842 $0 2017 2 $234,690 $0 2018 3 $294,078 $119,914 2019 4 $261,542 $0 2020 5 $185,979 $0 2021 6 $325,172 $0 2022 7 $246,983 $0 2023 8 $241,193 $0 2024 9 $235,262 $0 2025 10 $229,188 $0 2026 11 $222,970 $0 2027 12 $216,604 $0 Total $3,017,941 $624,253 CITY OF CHICAGO – BASE CASE PFS PAYMENTS PROJECT YEAR COHORT 2 782 STUDENTS Child-Parent Center Expansion October 6, 2014 School Year Beginning September: Grade Board Pay for Success Payment at Base Case Level for School Year: City Pay for Success Payment at Base Case Level for School Year: 2015 CPC $0 $0 2016 K $315,585 $1,054,527 2017 1 $369,234 $0 2018 2 $495,623 $0 2019 3 $621,039 $250,729 2020 4 $552,330 $0 2021 5 $392,753 $0 2022 6 $686,704 $0 2023 7 $521,583 $0 2024 8 $509,355 $0 2025 9 $496,830 $0 2026 10 $484,004 $0 2027 11 $470,872 $0 2028 12 $457,429 $0 Total $6,373,342 $1,305,256 CITY OF CHICAGO – BASE CASE PFS PAYMENTS PROJECT YEAR COHORT 3 782 STUDENTS Child-Parent Center Expansion October 6, 2014 School Year Beginning September: Grade Board Pay for Success Payment at Base Case Level for School Year: City Pay for Success Payment at Base Case Level for School Year: 2016 CPC $0 $0 2017 K $318,741 $1,054,527 2018 1 $372,927 $0 2019 2 $500,579 $0 2020 3 $627,249 $250,729 2021 4 $557,853 $0 2022 5 $396,680 $0 2023 6 $693,571 $0 2024 7 $526,799 $0 2025 8 $514,448 $0 2026 9 $501,799 $0 2027 10 $488,844 $0 2028 11 $475,581 $0 2029 12 $462,003 $0 Total $6,437,075 $1,305,256 CITY OF CHICAGO – BASE CASE PFS PAYMENTS PROJECT YEAR COHORT 4 680 STUDENTS Child-Parent Center Expansion October 6, 2014 Board City School Year Pay for Success Pay for Success Beginning Grade Payment at Base Payment at Base September: Case Level Case Level for School Year: for School Year: 2017 CPC $0 $0 2018 K $279,938 $916,980 2019 1 $327,527 $0 2020 2 $439,639 $0 2021 3 $550,889 $218,025 2022 4 $489,941 $0 2023 5 $348,389 $0 2024 6 $609,136 $0 2025 7 $462,667 $0 2026 8 $451,820 $0 2027 9 $440,710 $0 2028 10 $429,333 $0 2029 11 $417,684 $0 2030 12 $405,759 $0 Total $5,653,432 $1,135,005 CITY OF CHICAGO – PROJECTED BOARD BUDGETED PAY-FOR-SUCCESS FUNDS Child-Parent Center Expansion October 6, 2014 School Year Beginning September: Projected Board Budgeted Pay-For- Success Funds: 2014 $0 2015 $149,438 2016 $490,427 2017 $922,665 2018 $1,442,565 2019 $1,710,688 2020 $1,805,197 2021 $1,826,667 2022 $1,820,308 2023 $1,804,735 2024 $1,880,552 2025 $1,703,134 2026 $1,660,593 2027 $1,617,031 2028 $1,362,343 2029 $879,687 2030 $405,759 Total $21,481,790 CITY OF CHICAGO –CITY ESCROWED PAY-FOR-SUCCESS FUNDS Child-Parent Center Expansion October 6, 2014 School Year Beginning September: City Escrowed Pay-For-Success Funds: 2014 $624,253 2015 $1,305,256 2016 $1,305,256 2017 $1,135,005 Total $4,369,770 CITY OF CHICAGO –SCHEDULE ON WHICH IFF FEES ARE DEEMED TO BE EARNED ASSUMING PROJECT SUPPLEMENTS FOR ALL THREE SUBSEQUENT PROJECT YEARS Child-Parent Center Expansion October 6, 2014 Date IFF Fee is Earned: IFF Fee: 11/12/2014 $ 75,000 11/12/2015 $ 40,000 11/12/2016 $ 40,000 11/12/2017 $ 40,000 11/12/2018 $ 35,000 11/12/2019 $ 35,000 11/12/2020 $ 25,000 11/12/2021 $ 25,000 11/12/2022 $ 25,000 11/12/2023 $ 25,000 11/12/2024 $ 15,000 11/12/2025 $ 15,000 11/12/2026 $ 15,000 11/12/2027 $ 15,000 11/12/2028 $ 15,000 11/12/2029 $ 15,000 11/12/2030 $ 15,000 Total $470,000 Schedule 4.54,328,750
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Samples: Senior Loan Agreement
