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General News: Tentative Deal to Keep NYMA Open
June 25, 2010
In a statement released on Friday evening, the NYMA board of trustees said no formal agreement was reached at this meeting, and at this time it would be premature to speculate about the likely outcome of these negotiations. The board added that those members of the Board who were present at the meeting were receptive to the proposal, but were not empowered to formally approve the proposal.
NYMA superintendent Captain Robert Watts said that the verbal agreement with the committee members was very positive. He confirmed that the agreement will be presented to the full board of trustees for a vote on Monday.
Watts also said the final deal included some variation on the $5.8 million financing package the NYMA 2.0 group proposed earlier this week.
In late April, the school’s board announced that it was suspending operations at the school after the class of 2010 graduated on June 5th. As the decision to permanently close the school on Academy Avenue in Cornwall loomed, the NYMA 2.0 negotiated with the board members about how they could provide bridge loans and other financial packages to keep the school open.
Tony Jarrett, spokesman for the group, said in a statement that if the plan is approved on Monday, it is expected the school will officially announce the continuation of operations and open enrollment shortly thereafter.
“We are very excited about this positive turn of events and will diligently proceed toward moving this forward expeditiously,” Jarrett said.
Here's the full text of the NYMA board of trustees statement:
"Several members of the Board of Trustees of New York Military Academy met this morning with members of the ad hoc NYMA 2.0 subcommittee to hear a proposed funding plan. No formal agreement was reached at this meeting, and at this time it would be premature to speculate about the likely outcome of these negotiations. Those members of the Board who were present at the meeting were receptive to the proposal, but were not empowered to formally approve the proposal. The Board is awaiting receipt of a written commitment from the NYMA 2.0 group and the potential lenders, at which time the proposal will have to be reviewed and vetted by the full Board of Trustees."
Comments:
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the involvment of town, alumni, parents, teachers & corps of cadets shall prove highly beneficious, history & tradition shall be preserved
posted by octavio chango on 06/25/10 at 11:52 PM
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What a joyous 4rth of July it will be if our NYMA friends are able to continue operations. The economic and community advantages of having this institution live on will benefit us all. Pray for a positive outcome today!
posted by Joe Cavallo on 06/28/10 at 9:11 AM
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This is all wonderful, but how are you going to recruit students to come to NYMA? All of the underclassmen have been poached by other schools and have probably already made commitments to them. With that said, the schools instability will lead many parents to sway another way; to a school that is stable. Stable finances, stable administration, and stable education.
posted by Irene Wilson on 06/28/10 at 2:52 PM
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The board of directors and the administration at NYMA are not to be trusted. They are arrogant and self-serving with little concern for the welfare of the students at NYMA. Is a military academy with 60-70 students, a campus infrastructure that is crumbling really a viable option for educating our children? What caliber of teachers, administrators and coaches will be attracted to NYMA after hearing of happenings of this spring? I for one am not willing to again risk the welfare of my son at such an unstable institution!
posted by M Grant on 06/29/10 at 3:04 PM
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