The preparation, selection, and placement of effective candidates for the school principalship challenge educator programs and school districts alike. This article describes a principal preparation program that fosters collaboration between school districts and The University of Texas at Arlington (UTA) to create a structure for producing outstanding school administrators. Seven joint standards developed by the National Council for Accreditation of Teacher Education (NCATE) and the Interstate School Leadership Licensure Consortium (ISLLC) for the program are described. Through 12 months of collaboration, grow-your-own selection, and field-based action and reflection, Educational Leadership UTA is showing that the program greatly increases the likelihood of preparing highly effective and competent administrator candidates. There is an added dimension that Educational Leadership UTA brings with it, especially since school districts are in dire need of top principal candidates "of color." This rigorous preparation program assists school districts in the successful recruitment, development, and placement of principals who can preside equitably at schools with significant populations of minority students. (Contains 18 references.) (Author/RT)