The Culinary Institute of America to investors: “Dig in!”
The well-renowned cooking school has announced it will be selling $15 million in tax-exempt municipal bonds in order to raise money for renovations and expansions at the St. Helena campus in California, according to Bloomberg.The culinary institute will then sell $42 million more in bonds this fall to invest into the Hyde Park facility and settle some debt.
"We’re looking to provide more than just great chefs," Maria Krupin, the college’s vice president for finance, told Bloomberg. "We’re looking to encompass and advance the industry in health and wellness, sustainability, food ethics and food policy-- this is all coming to the forefront now."
The CIA’s strong alumni program has allowed it to keep its head above water fiscally, unlike many other universities that struggle financially without a strong pool of alum support. They will be expanding their St. Helena, California campus as well.
"We’re growing at a pace in which we can maintain quality education that we’re known for," Krupin said.