CNA hands over the keys to downtown building to I-LEAD Charter School [Reading Eagle, Pa.]

Sept. 30--Standing behind a small podium, the sun shining on his face, David Castro efficiently and thoroughly summed up the mood of the crowd.

"Wow. Just, wow," Castro, president and CEO of I-LEAD Charter School, said. "Stop for a moment and take this in. This is big."

And even those effusive words may have been an understatement.

Castro had just been handed the ceremonial key -- oversized and encased in a wood and glass box -- to a five-story, 260,000-square-foot building in downtown Reading. The building, located at Fourth and Penn streets, was officially turned over to I-LEAD at an event this afternoon, a more than $9 million gift from its previous owner, CNA Insurance.

The site will be the new home of the I-LEAD Charter School, with CNA moving to a yet undisclosed site in Wyomissing this spring.

Today's event, held outside the building along Penn Street, was filled with messages of gratitude for CNA and praise for I-LEAD.

"Today I say CNA is a real change agent for Reading," said Angel Figueroa, vice president for research and development at I-LEAD, adding that the charter school will be a cornerstone of redevelopment in downtown Reading.

Berks County Commissioner Chairman Christian Leinbach agreed, saying he has seen up close the positive impact I-LEAD has had on the community. He said the news that CNA was leaving Reading left many people wringing their hands, worrying about what would replace it.

Those concerns have now been quelled, he said.

"I think there is something bigger and better taking the place," he said of the potential void left by CNA.

Leinbach said he feels I-LEAD is a key player in helping raise the city and county to new levels.

"If we want to fight poverty, we fight it with educational attainment," he said, adding that he's convinced CNA's gift is the "very best thing for Berks County and for the City of Reading."

But amid the outpouring of positivity, a tinge of economic reality could also be found.

Assessed at just under $9.7 million, the CNA building represents a major tax revenue source for the city, Reading School District and county. With a public charter school taking it over, they each stand to lose out.

Based on current millage rates, the school district would lose about $163,000 annually; the city would be out about $151,000 and the county would miss about $71,000.

"The concern is real," Francis Acosta, City Council president, said following the ceremony.

Acosta said he is a supporter of I-LEAD, and in fact shared positive remarks about the charter school during the ceremony. But he also said he knows the city will need to come up with a creative plan to make up the lost revenue.

Mayor Vaughn D. Spencer shared similar concerns, saying the city had been trying to obtain the building for itself. Just over a month ago the city announced it had purchased most of the rest of the 400 block of Penn Street.

Like Acosta, Spencer said he supports I-LEAD and its mission, saying they provide training and education that is needed to help spur economic development and job creation.

"If it was going to be donated to someone, I'm glad it was donated to I-LEAD Charter School," he said.

Spencer said he is excited to sit down with I-LEAD officials to discuss how the building will be used. Too large to just house the charter school, I-LEAD officials have said they plan to lease space in the building.

Figueroa said today that tenants could possibly include retail businesses; however, real planning for how to use the extra space has not yet begun.

Contact David Mekeel: 610-371-5014 or [email protected].

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