Upper Palmetto YMCA Refinances Through JEDA
ROCK HILL, SC - The Upper Palmetto YMCA has refinanced several loans and bond issues, saving money with lower interest rates through the S.C. Jobs-Economic Development Authority (JEDA).
The Rock Hill-based organization, which has nine branches in York, Lancaster and Chester counties, issued $14 million in Series 2010 bonds through JEDA.
Proceeds of the JEDA bonds were used to refinance conventional loans that helped pay for the purchase and renovation of a branch in Fort Mill, new equipment and improvements at the Clover branch and the purchase, renovation and improvements at two branches in York. It also will be used to refund $11.5 million in higher-interest Series 2004 JEDA bonds used in earlier projects.
“The refinancing of these conventional loans and refinancing of the prior bonds will reap significant savings for the Upper Palmetto YMCA, allowing us to better serve our primary mission of providing recreational, educational and other family focused activities and services to our communities,” said CEO Moe Bell.
A total of 476 people work for the organization, including administrators, maintenance staff, fitness instructors, referees and athletic league officials, lifeguards and swim instructors and childcare counselors.
“Like YMCAs in so many places, the Upper Palmetto YMCA is an integral provider of quality of life to its service area. Helping it more securely finance its future has been a pleasure for us,” said Bond Counsel Robert Galloway of Haynsworth Sinkler Boyd in Greenville.
“We are proud of our association with the Upper Palmetto YMCA. Helping organizations like this leverage precious community resources are a key part of what JEDA is and has been all about,” said Harry Huntley, Executive Director of JEDA in Columbia.
