JEDA Awards First EZ Bond for the Convention Center Hotel

COLUMBIA, SC — On December 20, 2005, the South Carolina Jobs-Economic Development Authority (JEDA) issued its first Empowerment Zone (EZ) Bond to Vista Hotel Partners, LLC for $22.6 million for the Convention Center Hotel facility, which will be located in Columbia, South Carolina.

"The Hilton Hotel, when combined with the Convention Center, will have a dramatic impact on Columbia's economy," said City of Columbia Mayor Robert D. "Bob" Coble. "The conventions and visitors will lead directly to job creation."

Rendering of External View of Convention Center Hotel.

Rendering of Interior View of Convention Center Hotel.

John Van Duys, Esq. of Haynsworth Sinkler Boyd, P.A., served as bond counsel and Suzanne Yount of SunTrust Capital Markets served as the underwriting financial agent for this project.

"Along with the impact on Columbia as a whole, a large number of employees will come from the empowerment zone," said Elliott E. Franks, III of JEDA. "This is our initial EZ bond, a first for South Carolina and one of only a few in the United States."

"Empowerment Zone Bonds are certainly not easy" said John Van Duys, an attorney with Haynsworth Sinkler Boyd, Bond Counsel. "I've been working since 1999 on EZ Bonds, ever since the U.S. Secretary of Housing and Urban Development designated the Columbia-Sumter Empowerment Zone. It sure is nice to finally get one closed."

"The bond proceeds will enable our company to create 152 new jobs for Columbia citizens and to finance the acquisition, construction and equipping of an approximately 222-room convention center hotel facility, restaurant and ancillary facilities located in the Vista area in Columbia," said Paul C. "Bo" Aughtry, III, President of Windsor/Aughtry Company in Greenville, SC and a Managing Member of Vista Hotel Partners, LLC. "Without the rate advantages provided by this tax-exempt bond, this project would not be feasible and therefore would not get built."

Of the 222 total rooms in the Convention Center Hotel, 21 will be luxury suites. This hotel will include 6,000 square feet of meeting space with the largest being a 3,600 square foot banquet room. Also included will be a Ruth's Chris restaurant and associated bar in the hotel (serving over 275 people), an outdoor swimming pool with large pool surrounds for parties and special events, a complete exercise room and a business center.

For over twenty two years, JEDA has contributed to the economic welfare of South Carolina through loans, investments and the financial promotion of exports of goods and services produced within the State. Such efforts are aimed at providing maximum opportunities for the creation and retention of jobs by the small and middle market business sector and thereby allowing South Carolina and its citizens to prosper and enjoy a quality of life unsurpassed. For more information about JEDA bonds, contact Elliott Franks at (803) 461-3802 or at efranks@scjeda.net.