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Monday
Aug022010

Anderson County Announce Bond Financing for Innovation Center

The South Carolina Jobs-Economic Development Authority (JEDA), Anderson County and SCRA announce this week that bond financing for SCRA’s portion of the Clemson-SCRA Innovation Center in Anderson has been closed and completed. JEDA issued the tax-exempt bonds and facilitated the financing to assist SCRA in carrying out its public mission to deploy the Center, in compliance with the South Carolina Innovation Centers Act of 2005. Slated to open in the spring of 2011, this unique new facility is now under construction in the Clemson University Advanced Materials Center next to the Clemson University Advanced Materials Research Lab.
The Clemson-SCRA Innovation Center will provide one of the world’s top research and commercialization locations for advanced materials and metals. The SCRA wing of the Center will offer limited access rooms, office space, and wet and dry labs to incoming tenants. The Center will also contain a Clemson-owned and managed wing for start-up companies. Together, SCRA and Clemson University are investing a combination of financing and net assets of $10.5 million into developing the Center. 
SCRA is 100% responsible for the principal and interest on the $3.8 million tax-exempt bonds, which JEDA issued in order to provide a more favorable financing rate and cost of capital for the project than SCRA could provide on its own. The new Innovation Center will provide an asset base and magnet to attract both federal and corporate investment in Upstate-based advanced materials companies and regional programs. 
The financing permits Anderson County to maintain its standing in Appalachian regional economic development programs. “This facility will enhance Anderson County ability to attract and retain advanced technology companies,” said Rusty Burns, Anderson County Interim Administrator. “We are extremely pleased to be partnering with SCRA and to be furthering economic development in Anderson County.” 

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