A Lander University revenue bond for two off-campus development projects has placed in the top five bond transactions out of 25 submitted for consideration in a national competition. The $15.5 million tax-exempt economic development revenue bond is part of the financing package for the Jeff May Complex for recreation, wellness and sports on Montague Avenue, and Lander's Equestrian Center at Burton Center on Hwy. 72/221.
The South Carolina Jobs-Economic Development Authority (JEDA), the bond issuer, proposed the Lander bond transaction to the Council of Development Finance Agencies for its Best Bond Deal of 2009 award.
In its submission, JEDA emphasized the transaction was structured as part of a unique public-private collaboration and partnership between Lander, Greenwood county and municipal governments, The Lander Foundation, Lander's Bearcat Club, Burton Center, Self Regional Healthcare and the Greenwood community.
The organization said, "The collaboration was an ideal vehicle for economic and community growth during tough budget times...and serves as a model for future public-private partnerships." The presentation noted that Lander is a state-assisted university but no state funds were used to underwrite the cost of the Jeff May Complex or Equestrian Center projects.
In its presentation, JEDA also cited a recent Princeton University study showing that construction and expansion at institutions of higher education have an enormous impact on a state's economic prosperity.
JEDA is a statewide conduit issuer of special obligation revenue bonds and acts on behalf of borrowers to access financial markets and capital. Since it was created in 1983, JEDA has issued 400 bonds worth more than $7-billion, which have led to creation of more than 25,000 jobs in the state.