Spartanburg Preparatory School Expands, Refinances with JEDA Bonds

Posted on September 29, 2020 - News, Success Story

Spartanburg, SC — Spartanburg County

Spartanburg Preparatory School is using a $11.8 million bond issue through the South Carolina Jobs-Economic Development Authority (JEDA) to refinance and expand its South Spring Street campus.

The public charter school will use $11.5 million in tax-exempt Educational Facilities Revenue Bonds and $305,000 in taxable bonds to build and equip a new middle school wing expected to be complete in December 2020 and to refinance prior JEDA bonds used to buy the former elementary school.

The school currently has an enrollment of approximately 550 students in kindergarten through eighth grade. The 24,500-square-foot expansion will add 16 classrooms to the current 35 and will create five new jobs to the current workforce of 72. The new facility is anticipated to accommodate up to 800 students.

“Our student body has grown consistently since we opened in 2009 and this is our second major expansion project. JEDA has greatly empowered us in financing that growth and we appreciate their support and confidence”
— Tomikia Whitmire, Head of School at Spartanburg Preparatory School

“Spartanburg Preparatory School is a thriving institution that provides a vibrant educational option to local families. We feel privileged to help the school continue this positive momentum,” said Sam Howell, Bond Counsel at Howell Linkous & Nettles in Charleston.

“JEDA is pleased to once again help a public charter school take advantage of favorable financial market conditions to refinance and build new facilities,” said Harry A. Huntley, CPA, Executive Director of JEDA in Columbia.