Edward Via College of Osteopathic Medicine (VCOM)
Creates 60 new jobs within two years; Retains 3 existing jobs.
New Markets Tax Credits + SC JEDA Economic Development Industrial Revenue Bond
A $14.6 million economic development revenue bond (as well as the portion of the project eligible for New Markets Tax Credits) helped pay for the construction and equipping of the Carolinas Campus of the Edward Via College of Osteopathic Medicine (VCOM) on Howard Street in downtown Spartanburg.
VCOM opened its first site in Blacksburg, Va., in 2003 in the Virginia Tech Corporate Research Center and graduated its first class in 2007. The Spartanburg campus opened in the fall of 2011 and will add classes of 150 students a year for a total enrollment of 600 students. These students have access to dining and library facilities and athletic events of nearby Wofford College, as well as residency opportunities with Spartanburg Regional Medical Center.
A minimum of 40 new jobs will be created at the Carolinas Campus in the first year, with that number expected to grow to at least 60 within two years of the medical school opening.
This is one of the first transactions in the state to combine New Markets Tax Credits (NMTC) with tax-exempt bonds for a 501(c)(3) organization, which provides businesses located in areas in need of economic development with lower cost capital and more flexible financing terms.