Burr Helps Leverage Tax-Advantaged Financing through JEDA Bonds for Culinary Arts Institute in Bluffton, South Carolina
Due to the $8 million JEDA bond proceeds received by the Technical College of the Lowcountry (TCL), as well as significant contributions made by Beaufort County, the town of Bluffton and Beaufort School District, TCL plans to open a new culinary school and arts institute in the fall of 2021. The bonds were issued by the South Carolina Jobs-Economic Development Authority (JEDA), a state agency organized to promote economic development, capital investment and job creation in South Carolina, to help finance the new Culinary Institute of the South to be operated by TCL. The culinary school will teach students the necessary skills needed to shape a well-trained workforce among restaurants, resorts, hospitals, assisted care facilities and schools across South Carolina, and will also feature a culinary arts institute, showcasing the history and development of cuisine native to South Carolina. TCL operates multiple campuses serving students and communities in Beaufort, Colleton, Hampton, and Jasper counties.
Burr’s Michael Seezen served as Bond Counsel for the project, and Judith McInnis and Michael served as Borrower’s Counsel for TCL and TCL’s foundation in the transaction, including real estate work. In an article prepared and widely distributed by JEDA describing the project, Michael was quoted as saying, “We’re pleased to once again help a South Carolina institution of higher learning leverage tax-advantaged financing to expand its ability to serve its constituency and region.”
Michael and Judith are both partners in the firm’s Columbia office. Michael is a transactional and securities lawyer whose areas of practice include public finance, corporate securities, and SEC reporting. Michael principally represents issuers of debt and/or equity securities, including state and local governments (e.g. cities, counties, and special purpose districts), hospitals, colleges and universities, manufacturing companies, and utilities. Judith practices primarily in the areas of commercial finance and real estate development. She represents commercial and real estate lenders as well as real estate developers and tenants. Judith has extensive experience and understanding of legal issues impacting shopping centers, hotels, mixed-used developments, office buildings, and resort developments.