Regents Approve Bond Issue for New Residence Hallby News Bureau on
CAPE GIRARDEAU, Mo., Dec. 15, 2011 – The Southeast Missouri State University Board of Regents today approved $29 million in System Facilities Revenue Bonds Series 2011B, the proceeds of which will be used to help fund construction of a new residence hall on the north end of campus and a new chiller and boiler plant at the Show Me Center complex.
Total cost of the entire project is estimated at $30.9 million. The net bond proceeds will cover $27 million of the project. The remaining funds will come from one-time dollars released after previous bond reserve requirements changed, existing reserves the University has from changing its power plant operations, maintenance and repair general fees and incidental fee revenue generated from enrollment increases, said Kathy Mangels, vice president for finance and administration.
In October, the Board approved a contract for architectural and engineering services to design a 262-bed residence hall on the north end of campus. The Regents also authorized the University to arrange for structuring and issuing bonds to finance the project.
Dr. Bruce Skinner, director of Residence Life, said the building will provide a suite-style residence hall on the north end of campus and will be very convenient for students taking classes in the science complex and business classes in Robert A. Dempster Hall. The new residence hall also will offer convenient access for residents wishing to use the Student Recreation Center-North.
The new residence hall is expected to open in fall 2013 on an existing parking lot on the east side of Greek Drive, adjacent to the football practice field. The site will include tiered surface parking spaces directly north of the new hall and on the east side of Greek Drive, and will result in about 75 new parking spaces.
The new residence hall will feature common recreation and laundry facilities, an outdoor patio area and suite style learning communities. Site work is expected to begin next spring, Mangels said.
The new residence hall will be served by the north chiller plant which provides chilled water for air conditioning for about 1.1 million square feet of academic, administrative and residence hall space on the north end of campus. Mangels says the north chiller plant does not have capacity, though, to absorb the load of the new residence hall without major modifications.
To this end, the Board approved building a new 1,000-ton chiller and boiler plant at the Show Me Center complex, which includes the Show Me Center, Student Recreation Center-North and the Student Aquatic Center. The new plant will provide cooling redundancy for both the north loop and the Show Me Center complex and eliminate inefficiencies in delivering steam to the Show Me Center complex, Mangels said.
By separating the Show Me Center complex from the north loop, the north chiller plant can serve the new residence hall without upgrades and have excess capacity to provide redundancy for the north loop, she said.
Natural gas hot water heaters will be installed, as well, to serve the Show Me Center complex. These will eliminate the need to pipe steam across New Madrid Street and should result in annual utility savings.
Mangels said the new chiller plant building footprint will allow for the addition of another chiller to accommodate potential future construction north of New Madrid Street. Construction of a new chiller and boiler plant at the Show Me Center complex is estimated at $6.2 million, which is included in the $30.9 total project cost.