Upper Pee Dee YMCA Refinances, Builds With JEDA
HARTSVILLE, SC – The YMCA of the Upper Pee Dee will be refinancing earlier loans and building a new gymnasium in Chesterfield with bond funding facilitated through the S.C. Jobs-Economic Development Authority (JEDA).
The Hartsville-based organization issued $1.3 million in Series 2010 bonds through JEDA. The low-interest bond funding will be used to build an 8,000-square-foot gymnasium at the Chesterfield facility, which will be available for local residents to rent for parties, family reunions and various community events. Bond proceeds will also be used to refinance prior improvements made to both the Chesterfield and Darlington facilities.
The JEDA funding will help maintain 90 existing jobs as well as create 10 new jobs within two years of the new gym’s completion, as part-time support staff are added to manage it. Work for 10 referees also will be created when the new gym’s athletic programming gets under way.
“The refinancing of our existing debt and funding the construction of the new gymnasium in Chesterfield are crucial to helping us meet our mission of providing recreational and other family focused activities and services to our communities,” said CEO Shawn Patch.
“The Upper Pee Dee YMCA plays a vital role in making the communities they serve a better place to work, live and raise families. Working on such timely projects is gratifying,” said Bond Counsel Kathy McKinney of Haynsworth Sinkler Boyd, P.A. in Greenville.
“Taking advantage of historically favorable interest rates in a tax-exempt vehicle is an ideal way for organizations like the Upper Pee Dee YMCA to continue to build quality of life in its service area. We’re pleased we could have a role in this process,” said Harry Huntley, Executive Director of JEDA in Columbia.