JEDA Announces Completion of Bond Financing for Clemson-SCRA Innovation Center
Clemson-SCRA Innovation Center
ANDERSON, SC and COLUMBIA, SC – The South Carolina Jobs-Economic Development Authority (JEDA), Anderson County and SCRA announce this week that bond financing for SCRA’s portion of the Clemson-SCRA Innovation Center in Anderson has been closed and completed. JEDA issued the tax-exempt bonds and facilitated the financing to assist SCRA in carrying out its public mission to deploy the Center, in compliance with the South Carolina Innovation Centers Act of 2005. Slated to open in the spring of 2011, this unique new facility is now under construction in the Clemson University Advanced Materials Center next to the Clemson University Advanced Materials Research Lab.
The Clemson-SCRA Innovation Center will provide one of the world’s top research and commercialization locations for advanced materials and metals. The SCRA wing of the Center will offer limited access rooms, office space, and wet and dry labs to incoming tenants. The Center will also contain a Clemson-owned and managed wing for start-up companies. Together, SCRA and Clemson University are investing a combination of financing and net assets of $10.5 million into developing the Center.
SCRA is 100% responsible for the principal and interest on the $3.8 million tax-exempt bonds, which JEDA issued in order to provide a more favorable financing rate and cost of capital for the project than SCRA could provide on its own. The new Innovation Center will provide an asset base and magnet to attract both federal and corporate investment in Upstate-based advanced materials companies and regional programs.
The financing permits Anderson County to maintain its standing in Appalachian regional economic development programs. “This facility will enhance Anderson County ability to attract and retain advanced technology companies,” said Rusty Burns, Anderson County Interim Administrator. “We are extremely pleased to be partnering with SCRA and to be furthering economic development in Anderson County.”
Innovate Anderson assisted in the initial facilitation of the bond financing by connecting SCRA and Anderson County to meet on this initiative. “With all of us working together in the Upstate, we are helping bring even more advanced materials companies to the Innovation Center and continuing to strengthen Anderson County,” said Michael T. Panasko, Innovate Anderson President.
“Our public mission to deliver Innovation Centers enables us to work with JEDA, which issued the bonds at a more favorable rate to complete the Center, with absolutely no local burden on the taxpayers of Anderson County,” said Bill Mahoney, CEO of SCRA. “By catalyzing the incremental formation and location of additional knowledge-based companies, most likely in advanced materials and surface engineering markets, this Innovation Center in Anderson County will have a positive, far-reaching impact on South Carolina.”
"These are the kinds of projects for which JEDA was created – helping our key institutions find innovative ways to finance and execute plans crucial to meeting their economic development mission," said Harry Huntley, Executive Director of JEDA in Columbia.