SPARTANBURG CO., SC (WSPA) - Spartanburg County Council approved a resolution supporting High Point Academy being issued a bond not to exceed $35 million.
It's being issued by the South Carolina Jobs Economic Development Authority.
School leaders say the funds will be used to purchase the school's current property because leasing it is too costly, for their growing school.
“We are purchasing our facility and land that’s part of where the school is to lower our month-to-month financial responsibility overall. The goal is to lower that wherever possible to pour money back into the students,” said HPA Board Chair Matt Nestberg. “We’ve spent a long time investigating the most advantageous and cheapest way to do that since we’re using public money and after doing all our research we’re pursuing the bond route.”
Nestberg said they’re seeking private investors who’ll purchase the bonds.
"We're here before county council to ask for your approval to move forward. Of course you're [county] partied to no documents, and liable on no debt,” said Pope Flynn Group Attorney Joe Lucas while presenting to council. "JEDA will be issuing the bonds on a tax-exempt basis for the most part. There will be a small taxable piece at the end to help pay for cost of issuance. The 'not to exceed' amount of 35-million is a cushioned amount. We think it's going to be more like 31 or 32 million."
Council approved the resolution Monday with councilman Justin Bradley in opposition.
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