Shelby Academy to stay open

BIRMINGHAM, AL (WBRC) - Shelby Academy will stay open - at least for now, as it works to resolve its financial problems.

The Shelby Academy Board of Trustees met Tuesday night before a packed crowd to discuss a plan to close the school and sell it to pay off debt.  Instead, parents and alumni of the school voted to keep it open.

The private school has been in Montevallo for 39 years, but is facing dire financial problems.

"We have an anonymous personal guarantor on an existing mortgage who has recently developed financial woes and we are in a financial crunch as a result of it," said school attorney Mitchell Spears.

The school needs about $580,000 to cover its debt and mortgage.

Parents and alumni of the school said Tuesday night  they would do whatever it took to save the school.

A committee was formed to look into options that include getting loans, grants, and fund raising.