The board authorized the University to borrow just under $50 million using City Securities of Indianapolis, including $13 million of new funds to construct a teaching theatre on campus along with refinancing of existing University borrowing. The expected gross savings from the refinancing will be more than $5 million over the life of the borrowing.
“We’re pleased with this refinancing to be able to provide significant savings to the state of Indiana and its taxpayers,†said Mark Rozewski, vice president for Finance and Administration.
Also approved were construction contracts for the $16.7 million teaching theatre, for which ground will be broken next month and which is scheduled for completion in the summer of 2014. The general contractor will be Empire Construction of Evansville, mechanical contractor Deig Brothers Construction of Evansville, and electrical contractor Alva Electric of Evansville. Estimates are that more than 100 construction jobs will result from this two-year project.
Steve Helfrich, director of Facility Operations and Planning, updated the trustees on other current construction projects. He reported on the progress of the Applied Engineering Center, scheduled for completion this November, and on the University Center Loft food service renovation, to be completed before classes begin in August. Other summer projects underway are partial renovations to the bookstore, apartment buildings in campus housing, and office areas in the Wright Administration Building.
