Master Plan takes form, financing
By NOREEN GILLESPIE
News Writer
The Saint Mary's Board of Trustees Friday voted to seek temporary financing for the Master Plan student center and dining hall construction, as well as bid the project to potential contractors.
The weekend was critical for determining whether or not to move ahead with the next steps in the multi-year campus development project, according to Keith Dennis, vice president for finance and administration.
The Master Plan, proposed in 1999, is a decade-long, $76 million building initiative that includes plans to expand parking, add the student center and dining hall building, add a new classroom building and apartment-style housing. The College built the Welcome Center in 2000 and renovated Regina Hall under the plan.
"This weekend would have been a time if the Board was really nervous about moving ahead with the plan, they would have said [stop]," Dennis said.
The finance committee met Thursday afternoon to discuss financial options for the construction of the student center and dining hall building, which is projected to cost $18.5 million. The building will include dining facilities, student government offices, yearbook and newspaper offices, the campus bookstore and a post office. Officials hope to set a groundbreaking date for April.
The College has confirmed $13 million in pledges for the project, and the Board encouraged fundraising to continue, Dennis said.
The board gave its permission for the College to apply for temporary financing through the Indiana Education Facility Authority, a governmental association that issues bond anticipation notes for non-profit institutions. The College could apply for up to $18.5 million in notes from the organization, Dennis said, since the College will receive fundraising money in annual increments.
The Board will vote at its February meeting on whether or not to issue College bonds for the project. The College would pay back the notes from the IEFA when the bond market improves, Dennis said.
Kim Jensen, Board of Governance executive treasurer who sits on the finance committee, said the trustees were optimistic about the project.
"They seemed very confident about Saint Mary's abilities to go forth with this project," Jensen said.
In other Master Plan news:
u The Regina parking lot will be closed for renovation beginning next week until Nov. 15. Because the dining hall and student center construction will happen in two phases, parking lots on campus will be renovated and altered to accommodate construction vehicles and equipment. The Regina parking lot will have 50 new spaces when it reopens in November. Students are advised to park in the Angela parking lot and the Science lot until the Regina lot reopens.
All News Stories for Wednesday, October 17, 2001
