Missouri State approves bonds for construction projects

Missouri State University's Board of Governors has approved a series of bonds to build several new projects on campus.

On Tuesday, the board's Executive Committee approved up to $52 million in bonds - $12 million for academic projects and $40 million for auxiliary projects, according to a university news release.

Among the auxiliary project bonds is $17.97 million for the University Recreation Center, scheduled to open in fall 2011. The 100,000-square-foot, $29.7 million project, also being funded by a dedicated student fee and private gifts, will include an indoor track, multipurpose rooms, a recreational pool and a zip line.

DeWitt & Associates was the winning bidder among the 15 general contractors that sought the project.

The committee also approved $4.4 million in bonds for Phase III of the Darr Agricultural Center. Phase III comprises a 27,331-square-foot, $6.82 million learning center, which is also funded by private gifts and university funds. DeWitt also won the bid for this project, which should begin in summer and take about a year to complete.

"The university’s growing need for renovated and new facilities, with limited assistance expected from state funding, coupled with the unusually favorable bond rates, convinced us this was a wise decision,” President Michael Nietzel said in the release. “In addition, we have a combination of good options for servicing the bond debt: fees generated for and from auxiliary facilities to service those bonds, and a combination of refinancing and private gifts, with only limited university funds, to service the academic projects.”

The other auxiliary facility projects considered for bonding are $7.5 million in residence hall renovation and refurbishing and the West Plains Federal Emergency Management Agency shelter and multipurpose center, which would receive $982,710 in bonds.

Academic facilities considered for bonding are the $3.5 million renovation of the former Willow Brook facility, which will house the school's Small Business and Technology Development Center; $1.1 million for the animal research compliance facility; $600,000 for renovations of Looney Hall in West Plains; a $900,000 addition to the physical therapy building; and $1.1 million in other projects to be determined.

Final decisions on the precise amounts to be bonded will be made by mid-July, according to the release.