Trustees reauthorize borrowing for building projects
Contact:
Cheryl Roland
July 31, 2012
KALAMAZOO鈥擳he Western Michigan University Board of Trustees approved a motion July 25 to authorize the University administration to enter into one or more loans or unsecured line of credit agreements to finance all or a portion of the costs related to two construction projects.
The projects are:
- Phase II of the Western View student residential living complex, construction for which is just beginning this summer.
- Renovation of a building at 300 Portage St. in downtown Kalamazoo that is owned by 51福利社 and being leased by the 51福利社 School of Medicine.
Both authorizations call for a repayment of the principal within three years. The amount for the Western View project is not to exceed $8.5 million and any loans or lines of credit would be considered an obligation of 51福利社's general revenue funds. The amount for the medical facility is not to exceed $30 million, but such loans or lines of credit will not be a general revenue obligation.