If the financial ball lands in the right spot, Bishop Seabury Academy will announce next month a formal deal to acquire Alvamar Racquet and Swim Club for development into a new campus.

“We are anticipating making an announcement on May 1,” Headmaster Chris Carter said.

The private Episcopal school located in an old elementary school building east of Lawrence has an enrollment of 101 junior high and high school students.

In December, Bishop Seabury’s trustees unanimously set an April 15 goal of raising $3 million for buildings and land on an 8.1-acre parcel owned by businessman Bob Billings. By last count, $2.6 million had been raised.

Students, teachers and parents conducted two fund-raising events last week. A “Walk to the Future” benefit that followed a route from East Lawrence to the Alvamar site on Clinton Parkway raised $33,200, Carter said. An estimated $50,000 was raised through a benefit auction. Items included Super Bowl tickets, a Hyundai car and a baseball signed by Joe DiMaggio.

Revenue from the two activities will help offset the school’s operating deficit, Carter said. The deficit was about $100,000 when the campaign began.

“The kids understood that one of the conditions to move to the new building was to get this year’s deficit handled,” Carter said.

Despite missing the Monday deadline, he said the school was working on architectural drawings for converting the club to a school. Classes could begin as early as January 2003.

He said students and faculty were ready to leave the old Kaw Valley School, 1411 E. 1850 Road. Bishop Seabury has been in that building for four years.

“We’ve outgrown this place. It was designed for little kids, and we’ve got high school students. It’s definitely time,” Carter said.

The Alvamar building has double the square footage as Kaw Valley, affectionately referred to as “The Shack” by students at Bishop Seabury.