New JEDA bonds help Spartanburg Preparatory School growth
June 29, 2016
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,” said John von Rohr, Principal, Spartanburg Preparatory School.
