(KTXL) — Placer Academy Charter families were in for a shock on Friday when they learned that their children will walk down their school’s halls for the last time as the charter school permanently closes its doors on Thursday.

Placer Academy Board Executive Director Jill Godtland sent out a letter to parents on Friday sharing the news with families citing mounting construction costs for their new school site as to why the charter is shutting its doors.

“Placer Academy began construction on our new campus home with high hopes that we would be able to have a permanent home for all our students and academic programs,” Godtland wrote in the letter. “However, construction cost increases caused by the pandemic and the discovery of a high-pressure gas line during the construction process resulted in projected costs far beyond our initial estimates.”

The charter was working with a financing company to purchase the property and finance outstanding and future construction costs, but the deal fell through on Wednesday. Closing off the remaining opportunity for additional funding.

“We know that this is going to cause a great hardship for both families and employees and we are heartbroken that this is the case,” Godtland wrote in the letter.

Godtland urged parents to begin enrolling their students in one of the numerous other charters or public school districts in the area as soon as possible.

“Please do not wait until after the holidays to enroll your child elsewhere as we may not have staff available at that time to process transfers of your child’s student records,” Godtland wrote.  “We have asked the school district to house any unclaimed student files, but do not know at this time if the school district will accept files.”

Placer Charter Academy opened its doors on Aug. 20, 2018 as a Kindergarten through 8th grade charter school in the area of the Rocklin Unified School District.