First charter school in Greenwood County financed with $25M in bonds

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The South Carolina Jobs-Economic Development Authority has issued $24.9 million in educational facilities revenue bonds to finance the first ever charter school in Greenwood County.

Greenwood Charter Academy will use $24.2 million in tax-exempt bonds and $710,000 in taxable bonds to acquire, renovate, build and equip space in the Greenwood Mall located on 412 Bypass Highway 72, according to a JEDA news release.

“JEDA is pleased to once again be involved in the financing of a new educational option for our state’s students,” said Harry A. Huntley, CPA, Executive Director of JEDA in Columbia, in the release. “Additionally, an unused space in a landmark local mall is being transformed for a public benefit. That represents a double win for economic development in Greenwood.”

The school will open for the 2023-24 school year with 700 students in grades K-6 with plans to add one grade each year through eighth grade, and is expected to create 62 new jobs, according to its operator, Tutelage Education Solutions, the release stated.

“We’re very excited to bring the first ever, tuition-free, public charter school option to Greenwood County and JEDA financing is making it all possible, said Tony Helton, CEO of Tutelage Education Solutions. “We have no doubt GCA will make a positive impact in the greater Greenwood area for many years to come.”

JEDA promotes the business and economic welfare of South Carolina by assisting in the financing of public and private projects throughout the state, according to its website. JEDA serves as a statewide conduit issuer of special obligation revenue bonds and acts on behalf of the borrower to access financial markets and capital.