JEDA Bond Funding Helps Roper St. Francis Expand Critical Services
CHARLESTON, SC - Bond financing facilitated by the South Carolina Jobs-Economic Development Authority (JEDA) is helping Roper St. Francis Healthcare better meet the growing medical needs of the Charleston area.
The non-profit hospital system’s majority owner - the Medical Society of South Carolina - is using the $27 million in tax-exempt revenue bonds to help pay for land and construction for a new data center in North Charleston, and to refinance an earlier purchase of land in Berkeley County.
The bonds were issued in two series. The first will finance the move of the data center from two floors in the parking garage at Roper St. Francis Hospital into a new, 10,000-square-foot facility that will provide the technology infrastructure for patient care, including physiological monitoring, as well as nurse call, medical records, human resources, staff computing and finance.
The second series of bonds will refinance Series 2007 Bonds that were used for the purchase of land for a future Roper St. Francis Healthcare facility in fast-growing Berkeley County.
Approximately 5,300 people work at Roper St. Francis which is the largest nongovernmental employer in the Lowcountry. The issuance of the Series 2011 Bonds will help maintain the jobs of 12 information technology staff and create three new positions within 24 months and will lead to the creation of additional jobs at the new health care facility.
“Low-interest, tax-exempt bond funding through JEDA is helping Roper St. Francis meet the current needs of this major medical system and prepare for its future,” said John M. Jordan, Jr., Chief Executive Officer of the Medical Society of South Carolina.
“Unprecedented low interest rates and the market’s appetite for high-quality, tax-exempt debt are driving new opportunities for Roper St. Francis Healthcare to position itself to best serve the complex health needs of the Lowcountry’s growing population. Our Firm is privileged to help with these important financings,” said Bond Counsel Jeremy Cook, a Shareholder with Haynsworth Sinkler Boyd, P.A. in Charleston.
“Healthcare needs are only going to grow in our state. Tax-exempt financing at historically low rates makes now an ideal time to move forward on projects to meet those needs. Having some role in making this happen is gratifying and why we exist,” said Harry Huntley, Executive Director of JEDA.