State Treasurer Curtis Loftis Announces New Master Lease for College of Charleston
July 22, 2021
State Treasurer Curtis Loftis announced that his office recently worked with the College of Charleston to secure affordable financing for energy conservation equipment and efficiency upgrades for campus facilities through the state’s Master Lease Program.
The State Treasurer’s Office negotiated financing terms for a $21.4 million lease to secure a variety of energy conservation equipment, including central plant chiller and boiler replacements, lighting system retrofits, occupancy sensor installations, mechanical/HVAC improvements, low-flow fixtures, automation and optimization systems installations among other system and equipment upgrades designed to lower energy costs and improve conservation efforts. The total estimated savings for the project over a 15-year period is $2.9 million and $1.9 million annually after that.
“The South Carolina Master Lease Program provides an affordable option for our state agencies and public institutions that are looking to secure cost-effective financing for immediate needs they may have,” said State Treasurer Curtis Loftis. “Our debt management team is very skilled at negotiating favorable terms that benefit both the agencies and the state.”
“Our partnership with Siemens will help our institution continue to transform our infrastructure so that we can be better stewards of our resources and also limit our impact on the environment. By securing favorable financing terms, the South Carolina State Treasurer’s Office and its staff were instrumental in making this collaboration with Siemens even possible,” says College of Charleston President Andrew T. Hsu.
South Carolina law authorizes the State Treasurer’s Office to provide financing arrangements under the Master Lease Program on behalf of state boards, commissions, agencies and institutions for the purpose of renting, leasing or purchasing office equipment, telecommunications equipment, energy conservation equipment, medical equipment, data processing equipment and related software in accordance with state procurement statutes and regulations.
College of Charleston Vice President for Facilities Management John Morris added that the master lease project “is going to help our operational costs and improve our building efficiencies. This work is not only vital to our campus but also to our planet.”
Since 2017, the State Treasurer’s Office has facilitated more than $118.6 million in master lease contracts benefiting 13 public agencies and institutions. For more information on the Master Lease Program, please contact Debt Management Assistant Division Director Robert Macdonald at 803.734.2677.