An Upstate school is using $5.81 million in bonds to finish the construction of a new middle school at its Spartanburg campus.
Spartanburg Preparatory School is using $5.56 million in tax exempt Educational Facilities Revenue Bonds and a $250,000 taxable Education Facilities Revenue bond issued from the South Carolina Jobs-Economic Development Authority (JEDA) to add 30,000-square-feet of space to its South Spring Street campus, according to a press release.
“This expansion will let us grow to serve 560 students and JEDA financing is key to our ability to take this step,” said John von Rohr, principal of Spartanburg Preparatory School, in the release. “The funding also will help us renovate our existing facilities.”
The expansion includes a gymnasium, cafeteria and 10 classrooms which will house students in grades 6-8. According to the release, Spartanburg Preparatory School opened in 2008 as the first public charter school in Spartanburg County. It currently serves 400 students in kindergarten through fifth grade.
The expansion will also lead to the creation of six new positions being added to the 45 currently employed by the school.
“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, executive director of JEDA in Columbia, in the release.
Parker Poe Adams & Bernstein LLP in Greenville served as bond counsel for the project.