JEDA provides Bonds for new Rock Hill sports & event center
August 28, 2018
The City of Rock Hill is using a $21,295,000 economic development revenue bond issued through the South Carolina Jobs-Economic Development Authority (JEDA) to finance the acquisition of a new sports center.
The financing includes a $20,810,000 tax-exempt bond as well as a $485,000 taxable bond. The 140,000-square-foot facility located between Winthrop University and downtown Rock Hill includes training and locker rooms, concession facilities, eight basketball courts, 16 volleyball courts, and a separate championship court with 1,200 arena-style seats to accommodate for multi-purpose use, including basketball, soccer, volleyball, and cheerleading competitions.
The arena is located on the site of a former textile mill, which is expected to soon host retail stores and other businesses. A parking deck and hotel are projected to be developed on the other side.
“This was an exciting project for us and for our client, and it was a privilege to have had a role in moving it forward,” said Mike Burns, Bond Counsel with the McNair Law Firm in Greenville.
“Rock Hill’s new sports arena is another great example of how this forward-looking city is taking advantage of its ideal location and favorable economic circumstances. We were happy to facilitate such favorable financing,” said JEDA Executive Director Harry A. Huntley, CPA.
JEDA
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. Since its creation in 1983, JEDA has facilitated the issuance of 510 bonds for over $10.1 Billion and resulting in the creation and retention of more than 238,931 jobs.
