Due to improved market conditions, the College is now in the process of finalizing its plans to complete the 2008 Board of Trustees approved deferred maintenance borrowing of $30 million over 10 years at $3 million per year.
The financing will help the College address deferred maintenance issues on several older buildings, including electrical and mechanical upgrades, roof repairs and energy efficient measures over the next several years, according to Diane Blake, vice president for Finance.
In addition, the College will borrow an additional $8 million as cash flow financing for the Lippman and Wold building. As the gift pledge payments are received, the cash flow financing will be repaid.
The terms of the financing are currently under review. The borrowing is expected to be finalized by the end of the year.