Board of Regents OKs Funds for Construction Projects

📅   Tue December 05, 2017 - West Edition #25
CEG



The following are news briefs from the Arizona Board of Regents November 2017 board meeting. The outcomes follow the board's broad objectives for this meeting, available on the board's agenda.

Revised University of Arizona Fiscal Year 2018 Capital Development Plan

The board approved the University of Arizona's revised fiscal year 2018 capital development plan (CDP), which includes two new major capital projects and four previously approved projects.

The revised CDP total project budget is $255.5 million.

The University of Arizona projects totaling $66 million for four Intercollegiate Athletics projects was approved by the board. These include:

•Arizona Stadium Improvements;

•Hillenbrand Aquatic Center and Hillenbrand Softball Facility Improvements; and

•a 45,000-sq.-ft. Indoor Sports Center.

The UA also requested approval to sell system revenue bonds to finance the projects and $1.2 million to renovate the McKale Memorial Center locker room, and to pay costs of issuance and payments to a bond insurer or other credit enhancer if used. The debt service will be paid over approximately 25 years from student fees and gifts.

The University of Arizona Health Sciences Building 201 Renovation Project Approval

The board approved the University of Arizona's project approval request of the University of Arizona Health Sciences Building 201 Renovation. The 58,000-gross sq. ft, $14,500,000 capital project will be funded with land sale funds.