Horry County approves $11 million for CCU to upgrade library, golf management program
Coastal Carolina University’s library is about to get a major upgrade.
And the university’s golf management program, which trains students to run golf courses, will soon have a new home.
That’s thanks to a $11.25 million bond CCU will issue in coming months to finance the projects, and the Horry County Council approved the borrowing at its first regular meeting of 2022 on Tuesday.
A bond is a form of debt that governments and other public institutions use to finance large-scale projects like new buildings. CCU will issue the bond and agree to a fixed interest rate and pay back the lump sum with taxpayer dollars between now and 2037.
The bond required Horry County Council’s approval, which it gave unanimously, because CCU will back the debt using funds from the Horry County Higher Education Commission. The commission receives a small portion of property tax revenue each year and, in recent years, has used the funds to finance large projects on CCU’s campus. The commission was created in 1959 by state lawmakers to help fund CCU. A separate pot of local tax dollars helps support the Horry-Georgetown Technical College.
According to a memo about the bond issue provided to county leaders, the Higher Education Commission receives 0.7 mills of property tax revenue each year, which equals roughly $1.9 million annually. The commission will use that annual revenue to pay off $1.4 million of the debt each year until 2027 when its payments will drop to $900,000 annually. That schedule will allow the commission to pay off the debt by 2037. A bond attorney for CCU said the commission is seeking the loan now because interest rates are low. The commission hopes to secure an interest rate between 2% and 2.25%.
For the library portion of the project, CCU will make major upgrades to its Kimbel Library. The university plans to demolish and replace its 45-year-old HVAC system, replace its current elevator and upgrade the restrooms to be compliant with the Americans with Disabilities Act. The university also plans to install new lighting and a new fire sprinkler system and to build new spaces within the library for archives and special collections, group study and reading and conference rooms.
Additionally, CCU plans to construct and equip a new facility for its PGA Golf Management program that will replace the existing clubhouse at the Hackler Course at CCU. The bond funding would help the university pay for dedicated classroom space for the program, which is housed in its business school, as well as new technology and equipment for “simulation teaching.” About 190 students are enrolled in the program, which is the only one of its kind in South Carolina, and the students graduate with degrees in business administration in 4.5 years.
In the memo shared with county leaders, the commission noted that the PGA conducts rigorous accreditation of the program, which will happen again this year.
“The improvements would allow the program to stay competitive and maintain its accreditation,” according to the memo.
This story was originally published January 5, 2022 at 2:33 PM.
