News Column

Still Hopes Finances Improvements with New JEDA Bonds

June 16, 2014

WEST COLUMBIA, S.C., June 16 -- The South Carolina Jobs-Economic Development Authority issued the following news:

The Still Hopes Episcopal Retirement Community has closed on a $30 million bond issue through the South Carolina Jobs-Economic Development Authority (JEDA) that refinances prior debt while paying for improvements at the West Columbia senior living campus.

The bond issue refinances 2004 bonds issued at a higher rate to build 125 residences, a common area, a new dining area, expanded kitchen, new community space and community entrance at Still Hopes.

The tax-free funding also will be used to finance a "Main Street" project to improve and enhance the community common space at Still Hopes, which was founded in 1977 on a site donated by the Guignard family that had owned it since the early 19th Century. Still Hopes continues its affiliation with the Episcopal Diocese and is a continuing care retirement community with nearly 400 residents.

Still Hopes employs approximately 387 people and four new jobs will be created within 24 months of completion of the project.

"JEDA bond funding is again helping us serve our mission of providing a faith-based community where life will be rich and full for our residents while exemplifying a new expectation for senior living," said Still Hopes CEO Danny Sanford.

"Serving the senior population of our state is a growing challenge. Helping to refinance previous commitments and finance new improvements at Still Hopes is a way we can help this community continue the tradition of service it has built for over 37 years," said Bond Counsel Kathy McKinney at Haynsworth Sinkler Boyd, P.A., in Greenville.

"Providing tax-exempt financing for a new project while lowering the costs for prior improvements makes this a particularly gratifying bond issue to complete, especially for such a distinguished organization as Still Hopes," said Harry A. Huntley, CPA, Executive Director of JEDA in Columbia.

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Source: Targeted News Service

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