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Greenville Business Magazine

High Point Academy Finances Construction With $27 Million In JEDA Funding

Apr 30, 2019 10:50AM
High Point Academy financed the acquisition of its school facility and will be paying for renovations and upgrades of the facility with the proceeds of $26,895,000 in bond funding through the South Carolina Jobs-Economic Development Authority (JEDA).

The K-12 public charter school was founded in 2014 to provide STEAM education through project-based applied learning instruction. The financing is comprised of $26,645,000 in tax-exempt Educational Facilities Revenue Bonds and $250,000 in taxable Educational Facilities Revenue Bonds and is expected to retain 145 jobs while creating 10 more.

In connection with the issuance of the bonds, High Point Academy became the first charter school to receive a credit rating (Ba1) through Moody’s Investors Service and only the second charter school in the state to receive a credit rating. Achieving the rating is indicative of the rapid growth and success of the school and likely resulted in significant interest rate savings over the life of the borrowings.

“Thanks to JEDA bond funding, we now own our campus and can pay for improvements that will enhance our ability to educate the leaders of tomorrow right here in Spartanburg,” said Matt Nestberg, board chairman of High Point Academy.

“Working with High Point Academy on this financing project was a privilege. We’re excited to be a part of their future success as they move from leasing their facility to owning it,” said Lawrence Flynn, bond counsel at Pope Flynn in Columbia.

“JEDA has been helping to finance public charter schools since they began operating in South Carolina. Working with High Point Academy adds to that record and we’re pleased we could be there for them,” said Harry A. Huntley, CPA, executive director of JEDA in Columbia.