Innovative Financial Plan Pushes Greenville Schools Ahead
The Greenville, S.C., school board struggled for 10 years to find a means to pay for a much-needed construction program that would build or expand 70 different school buildings. Realizing its effort was going nowhere, the board advertised for a construction manager that could offer a creative solution. It found one, locally, when a group of business executives formed their own firm to attack the financial problem and partnered with New York City-based construction manager Faithful + Gould for construction expertise.
Institutional Resources, Greenville, found a way to finance a $1-billion deal, avoid the state’s debt restrictions and provide comprehensive construction management services. The program is on schedule for a 2008 completion, after only 5 years of operation.