Limestone Finalizes Plans With USDA For Loan To Enhance Campus

The paperwork has been signed, the final plans are being developed, and the ceremonial shovels will soon be polished.

As part of the United States Department of Agriculture (USDA) Rural Development program, the Limestone College Board of Trustees voted unanimously on Thursday, Sept. 27, to accept the terms of a loan not to exceed $34.5 million.

An overall $42.5 million project, the College will use the USDA loan proceeds, in part, to construct a new $18 million building on campus that will be home to both a library and student center.

A groundbreaking ceremony for the 65,000-square-foot facility is expected to take place early in 2019, and the anticipated completion date is the fall of 2020 when the school’s name will change to Limestone University. The project’s conclusion will also coincide with Limestone’s 175th anniversary.

The USDA loan will also allow Limestone to purchase Brown Residence Hall that was constructed through a partnership with a benefactor and private developer, and refinance existing debt. As a term of the USDA loan, the College has obtained a separate $3.5 million guaranteed loan from a local bank. In addition, Limestone is contributing $4.5 million toward to project from funds raised as part of its most recent capital campaign. That contribution will be used as the project’s reserve account. A portion of the funds raised from the capital campaign have already been used to developed the plans for the new facility.

The USDA loan will be repaid over a period not to exceed 40 years, and College officials have indicated that the payments will be comparable to the school’s current debt service payments.

“There were so many staff members and Board members who worked countless hours to make this loan a reality,” said Limestone President Dr. Darrell Parker. “We appreciate all of their efforts because this will be a game-changer for Limestone. The new library and student center will be the academic and social hub of our campus. It will also be a major recruiting and retention tool for Limestone.”

By purchasing Brown Residence Hall, the College will no longer be making yearly payments on the building, and at the same time, it will become a revenue source as fees paid by students will go into Limestone’s general fund instead of being used for debt service on the dorm.

The new student center will be on the first floor of the new building that will be constructed in an area between and behind Montgomery Hall and the Carroll Fine Arts Building. It will include a commons area, a public art gallery, community meeting space, and an additional student dining area. Such facilities, which are now lacking, are needed for Limestone to remain healthy by attracting new students and retaining current students, Parker noted.

The state-of-the art library portion will be located on the second and third floors. The library plans include much-needed advanced computer and audiovisual technology, a writing and math center, reading area, classrooms, and student work areas. The current A.J. Eastwood Library, which opened in the 1960s, will be re-purposed for other needs of the College.

“Limestone is an integral part of the City of Gaffney and Cherokee County, and that will become even more so when the new library opens because it will be an asset to the community as well,” Parker explained. “And Limestone’s success will be the community’s success as these new projects enable us to grow our enrollment and our local footprint. The USDA loan benefits will allow Limestone to better serve the community with its diverse student population, concerts, theater, art, and lectures that create a more vibrant, international culture in our community.”

ACCOMPANYING PHOTO: Limestone College Board of Trustees Chair Randy Hines (left) and Board Secretary Gene Moorhead sign the official USDA loan documents on Sept. 27.