Prince George’s County Public Schools
Fengate is the lead developer and equity investor in the Prince George’s County Public Schools (PGCPS) alternative financing construction project underway to design, build, finance, operate, and maintain six public schools under a 30-year contract in Prince George’s County, Maryland. PGCPS, one of the nation’s largest school districts, was faced with aging facilities and expected overcrowding from a growing student population. This pioneering delivery approach is the first of its kind for a U.S. public school system, and it will provide five new middle schools and one K-8 school while cutting delivery time in half, reducing construction costs, and reducing preventative maintenance over the life of the schools. Compared to a traditional construction procurement model, this approach will save approximately $174 million in deferred maintenance and construction costs. Following commercial and financial close, PGCPS and project team together announced the creation of a $1 million endowed fund supporting scholarships, student internships, mentoring opportunities and apprenticeships valued at $4.7 million. Other community benefits include the guaranteed procurement of at least 30 percent of total eligible costs of the program to minority-owned businesses, community-based enterprises and community-based small businesses.