MUSC Expansion Made Possible by JEDA Bond Funding
CHARLESTON, S.C. – Bond financing facilitated by the South Carolina Jobs-Economic Development Authority (JEDA) has helped the Medical University of South Carolina expand its facilities.
The $43.7 million in tax-exempt bonds secured by The Medical University of South Carolina Foundation provides permanent financing at a favorable tax-exempt rate for three key facilities at the medical school and hospital complex.
They include a 78,000-square-foot medical office building and 153-space parking lot on Cannon St. and a 2,800-square-foot medical office building and 20 parking spaces on Bee St.
The third facility is a 1,525-space parking garage serving the Medical University Hospital Authority’s Ashley River Tower, home to MUSC’s Heart & Vascular Center and Digestive Disease Center.
Each of the facilities is owned by limited liability companies created by The MUSC Foundation and each is leased to the school and the hospital. They account for approximately 240 jobs.
“The ability to secure tax-exempt funding through JEDA in today’s economic environment is crucial to critical service organizations such as MUSC, ” said Jeremy Cook, a shareholder of Haynsworth Sinkler Boyd, P.A. in Charleston.
“MUSC is one of the premier medical organizations in our region, which provides training for future and current care-givers and facilitates critical care to people who need it most. This is something that’s gratifying to see JEDA participate in,” said Harry Huntley, executive director of JEDA, the state enterprise agency in Columbia.
“We are able to accomplish more with limited resources through solid, innovative financing options provided to us through JEDA. We can spend less on facilities and more on providing care, supporting research and educating future healthcare providers which are our core missions,” said Tom Anderson, chief executive officer of The MUSC Foundation.
The Medical University of South Carolina Foundation is a 501(c)(3) tax-exempt organization chartered in 1966 as a charitable, educational foundation to support the education, research, patient care and other programs at MUSC.