City's $734,500 loan to building arts passes

Update September 9: The loan has been approved.

Original post: The City of Charleston voted 10-2 in favor of loaning the American College of the Building Arts $734,500 at 5% interest.

The Post and Courier has more on the loan, the vote, and why the college wants it. Get a concise rundown of the college at the Charleston Regional Business Journal.

Here's a bit about the school from their Web site:
The American College of the Building Arts educates and trains artisans in the traditional building arts to foster exceptional craftsmanship and encourage the preservation, enrichment, and understanding of the worlds’ architectural heritage through a liberal arts education. Under the direction of our experienced faculty, students will have the opportunity to learn the skills needed to excel in their chosen field, as well as receive a quality education. This combination of education, training, and access to highly experienced faculty is available nowhere else in the United States.

Always worrisome to see the city lend taxpayer money, but I'm glad to see one of Charleston's unique assets be supported.

Update August 22: Charleston Watch chimes in on the loan and offers their perspective:
But as Mr. Jones pointed out, the County is suffering from high inflation and energy costs. ... The same problem is likely to felt the City, and the City may need to dip further into Undesignated Funds balances to meet obligations. ... Citizens are not likely to take kindly to a tax increase, which could have been avoided if money had not been advanced to the College of Building Arts.

They've got some good perspective, go read it.