United States : Colorado Mesa University to fund engineering building with $15M loan.
Colorado Mesa University's Board of Trustees has agreed to take a loan of $15 million for the construction of a new engineering building, which will also serve as the new site of the John McConnell Math and Science Center.
CMU will take a loan of $15 million in addition to using $11 million from earlier issued municipal bonds. This will bring the project cost to $26 million.
The state's capital construction fund didn't stretch far enough to include CMU's sought $23 million contribution, although initial plans gave an estimated cost of $32 million.
The new building will allow CMU to expand its engineering program, which presently consists of a two- and four-year degree in mechanical engineering. The four-year degree is offered through a collaboration with the University of Colorados engineering program.
The new space and further expansion at Western Colorado Community College would enable CMU to provide degrees in civil engineering, computer engineering, land surveying and additional certificate programs.
Laura Glatt, vice president for administrative services and finance, told trustees that although it came with a few adjustments, funding the project internally was possible.
Glatt said, "We can certainly afford to do it. It will certainly put some other things on the back burner for a period of time until were able to pay off the debt, but certainly we invest a lot of CMU cash resources on an annual basis on capital construction."
[c] 2016 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).
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|Date:||May 25, 2016|
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