NEWS RELEASE - DECEMBER 21, 2009

Charter School Initiative Receives Major Grant from Caterpillar

$500,000 Challenge Grant Will Generate $1 Million for Math, Science & Technology School

Peoria is one step closer to establishing its first math, science and technology charter public school, thanks to a major contribution from the area's largest employer.

The Peoria Charter School Initiative (PCSI) announced today that Caterpillar Inc. has offered a $500,000 challenge grant to help cover first-year costs to operate the school, which will be open to all students in District 150. If the local business community and private sector each contribute $250,000, Caterpillar will match those contributions with a $500,000 gift-for a total of $1 million in funding. This money will allow 225 District 150 students in grades five, six and seven to enroll in the charter school for the 2010-2011 school year. Ultimately, the school will grow to include grades five through 12, serving 600 students at full capacity.

The Caterpillar grant is contingent on the District 150 Board of Education awarding the charter for the 2010-2011 school year at its first meeting in January.

Caterpillar officials believe the charter school has the potential to bring significant benefits to our community. "As our business becomes more and more high-tech, Caterpillar and our local suppliers need a solid pool of employees skilled in math, science and technology," said Will Ball, Caterpillar Manager of Social Responsibility Initiatives. "At the same time, a high-quality public education system and choices such as charter schools help make Peoria an attractive place to live and work."

McFarland Bragg, CEO of the Peoria Citizens Committee for Economic Opportunity (PCCEO) and vice chairman of the PCSI board of directors, is confident the community will rise to Caterpillar's challenge to raise an additional $500,000 in funds.

"Peoria is rallying behind the charter school like no other educational issue in recent memory," he said. "Business, community, civic and religious leaders have voiced their support for this initiative, and hundreds of parents, grandparents and concerned citizens have participated in bus trips and informational forums. I have no doubt these organizations and individuals will step up to match Caterpillar's generous contribution and make this school a reality for Peoria's kids."

Charter schools are independent public schools open to all students in a district, requiring no entrance exams or tuition. They offer a more structured learning environment, provide more student discipline and require more parental involvement. Using an innovative, proven model, they're closing the achievement gap and delivering results-higher test scores, attendance rates, graduation rates and college acceptance-in urban districts nationwide.

PCSI submitted a formal application to establish the charter school to District 150 in October, and the Board of Education is scheduled to vote on the application January 11. A campaign to raise the funds to match the Caterpillar challenge grant will begin immediately. Interested donors will find a contribution form at www.peoriacharterschools.org. Contributions can be sent to the Peoria Charter School Initiative, 100 SW Water Street, Peoria, IL, 61602, and any questions should be directed to 309.495.5988.

About PCSI
The Peoria Charter School Initiative is a nonprofit organization of business people, community leaders, parents and educators working to bring a new educational choice to our city-a District 150 public charter school focused on math, science and technology and open to all students regardless of academic or financial background.

For More Information
Please contact Jeff McCombs at 309.696.9887 or jmccombs@f-w.com.