REPORT: Taxpayers Will Cover Most Operating Costs of LeBron James’ I Promise School
Just in case you didn’t hear the news last week – LeBron James opened a school for at-risk students with free uniforms, free breakfast, lunch and snacks, free transportation within two miles, free bicycles and helmets and access to a food pantry for their family.
The I Promise School, which was opened by the LeBron James Family Foundation and Akron Public Schools, will reportedly eventually cost taxpayers approximately $8 million per year.
“The exact breakdown of expenses for the new I Promise School is unclear, since the district and the LeBron James Family Foundation are still sorting out final details of their contract. But the district will pay more than half the costs – perhaps around 75 percent – once it is fully running.
The foundation says it’s spending about $2 million for the school’s first year, including startup costs. It has also committed to spending $2 million or more a year when the school has grown to capacity. The exact amount is still to be determined.
Though James will have a huge influence on the school, I Promise will be run by the district.
It’s a district-owned building. The district will hire and pay the teachers and administration. Kids will ride district buses to school. And they will all eat the free breakfast and lunch the district gives all students.
I Promise will eventually cost about $8 million a year to run out of the district’s regular budget, covered mostly by shifting students, teachers and money from other schools, the district says.”
Despite the high figure, it should not take away from what LeBron accomplished here as a $2 million annual donation is still quite sizable.
Any student who graduates will have their college tuition guaranteed by the University of Akron.