JEDA Bonds Assist Expansion at Bishop Gadsden Episcopal Retirement Community
November 3, 2014
Creates 20 New Jobs and 600 Temporary Construction Jobs, Retains 350 Jobs
CHARLESTON, SC – The Bishop Gadsden Episcopal Retirement Community has closed on $56,563,209 in tax-exempt revenue bonds through the South Carolina Jobs-Economic Development Authority (JEDA) to finance the construction of new independent living units at its Charleston campus.
The Series 2014 bonds will help pay for the construction of 45 new flats in three standalone, apartment-style buildings at the continuing care retirement community that was founded in 1850 as the Episcopal Church Home and now occupies 100 acres on James Island.
Approximately $13.4 million of the bond proceeds will be used to refund the balance of the $45,800,000 original principal amount Series 2002 JEDA bond issue.
The project is expected to create 600 temporary construction jobs while helping to retain 350 existing jobs and create 20 new jobs within two years of its completion at Bishop Gadsden, which also provides assisted living, skilled nursing and memory care services, in addition to independent living.
