Bond plan approved for Portledge School athletic, wellness center

The Portledge School plans to construct an athletic center, costing up to $6 million, on its tree-filled campus in Locust Valley, officials said.

The private school, which serves students from pre-nursery through 12th grade, needs the 20,000-square-foot building to provide health and wellness programs and more space for its athletic teams, according to Simon Owen-Williams, head of school.

The athletic and health/wellness center “is going to allow us to add [programs] in the vitally important areas of athletics and health and wellness,” he told the Nassau County Local Economic Assistance Corp. “This will be a key part of our school going forward.”

The corporation agreed last month to issue up to $6 million in tax-exempt bonds for Portledge's athletic center. Last year, the corporation authorized $5.1 million in tax-exempt bonds for minor improvements on the school's 65-acre campus and to refinance debt.

Previously, the corporation supported building projects for Kellenberg Memorial High School, a Catholic school in Uniondale, and renovations to low-income apartments in Hempstead Village, among others. 

The bonds are sought after by nonprofit  borrowers because they have a low interest rate. The bonds appeal to investors because the interest earned on them is exempt from federal and state income taxes. 

“Our ability to provide favorable financing terms for institutions, such as the Portledge School, allows them to maximize their investment, which ultimately benefits the students,” Richard Kessel, the corporation's chairman, said last month.

Portledge doesn’t plan to increase its student enrollment, which totals about 535 students, drawn primarily from Nassau, officials told the corporation's board when it unanimously approved the first bonds in April 2021.

Portledge has 140 employees who earn $74,000 per year on average, according to its application for bond financing.

The athletic/health/wellness center would supplement Wellington Gym, which is 15,400 square feet and about 50 years old, said Michael O'Donoghue, the Portledge administrator overseeing the project. Nassau’s “assistance will make a difference, we’re grateful for the financing,” he said this month.

The school takes its name from the Portledge estate, the former home of Charles Albert Coffin, a founder and president of General Electric Co. After the death of his daughter, Alice, the main house and outbuildings were donated in May 1965 to what was then called Miss Stoddart’s School for Little People “for the purpose of establishing a coeducational college-preparatory day school.” Portledge School opened four months later.

By James T. Madore

james.madore@newsday.comJamesTMadore

James T. Madore writes about Long Island business news including the economy, development, and the relationship between government and business. He previously served as Albany bureau chief.