Cherokee County Administrative Building First Project for JEDA FAS
GAFFNEY, SC - With the guidance of JEDA’s Financial Advisory Services (FAS), Cherokee County secured a low cost of funds for their new administration building, financed in large part by $9 million in privately placed general obligation bonds.
Construction begins soon on the two-story, 80,000-square-foot building, which will be on Railroad Street in Gaffney on a 14-acre site that was the home of the historic “Big Mill” of Gaffney Manufacturing Inc. The new building’s brick façade, arched windows and other features will help keep the memory of that facility alive.
Meanwhile, taxes will not be raised to pay for the new administrative complex, which has been in planning for several years. “Consistent with our conservative fiscal practices, we worked with JEDA’s FAS program to secure the lowest cost of funds, in this case 3.4% percent, a very favorable rate,” said County Council Chairman Tim Spencer.
The project was the first for JEDA’s new Financial Advisory Services, which adds proactive planning and consulting to local governments and school districts to JEDA’s longstanding bond conduit services.
“FAS was established to help governmental entities access debt funding in the most efficient manner possible. The low cost of funds secured by Cherokee County is indicative of the type of success local governments and school districts can achieve when they surround themselves with proven public finance expertise,” said Harry Huntley, Executive Director of JEDA.
“We are proud of our association with JEDA in the delivery of such an outstanding result on behalf of the residents of Cherokee County,” said Brent Robertson, Senior Vice President and Manager of Merchant Capital LLC’s South Carolina practice, who assisted JEDA in the effort.
The new Cherokee County Administrative Building is expected to open in 2012. It replaces a former library built in 1913 that has served as the county office building since 1972.