New JEDA Bonds Help Fund Spartanburg Preparatory School Growth
Spartanburg, SC — Spartanburg County
Spartanburg Preparatory School is financing construction of its new middle school with a $5.81 bond issue through the South Carolina Jobs-Economic Development Authority (JEDA).
In addition to construction and rehabilitation of its existing facility, the $5.56 million tax exempt Educational Facilities Revenue Bonds along with a $250,000 taxable Educational Facilities Revenue bond will also refinance debt used to pay for existing facilities at the school on South Spring Street in Spartanburg.
The 30,000-square-foot expansion will include a gym, cafeteria and 10 classrooms to house grades six through eight. Spartanburg Prep opened in 2009 as the county’s first public charter school and now serves 400 students from kindergarten through fifth grade.
Six new employees are expected to be added to the current staff of 45 employees.
“This expansion will let us grow to serve 560 students, and JEDA financing is key to our ability to take this step. The funding also will help us renovate our existing facilities.”
— John von Rohr, Principal, Spartanburg Preparatory School.
“Spartanburg Prep has already established itself as a valued member of the Spartanburg County educational community. Adding three new grades is something we’re proud to have helped the school accomplish,” said Michael Kozlarek, Bond Counsel with Parker Poe Adams & Bernstein LLP, in Greenville.
“State charter schools are an exciting addition to the South Carolina educational landscape, but they have to provide their own funding to a great extent. JEDA bond financing is a great option for them and we’re happy to be able to serve Spartanburg Prep in this way,” said Harry A. Huntley, CPA, Executive Director of JEDA in Columbia.
