The Missouri State University Board of Governors Executive Committee approved the sale of $39.4 million in tax exempt auxiliary revenue bonds during its Feb. 19 meeting.
The move is the second step in the university's multimillion dollar plan for new construction and renovations to improve the student experience. In October, students passed the
BearExperience and Recreation –BEAR – fee adding $50 per semester to student tuition. The new fee will generate about $1.6 million annually, and the Springfield-based public university plans to use the money to create the student experience fund to enhance athletic activities on campus. Handled by the office of student engagement, $200,000 would go into the fund each year.
The remaining $1.4 million from the BEAR fee will be used to make bond payments, along with proceeds from the university's auxiliary system, said MSU CFO Steve Foucart. The auxiliary system includes residence life, Taylor Health and Wellness, the Bill R. Foster and Family Recreation Center, park and transit systems, the bookstore and athletic facilities.
Foucart said the bonds are underwritten by Edward Jones Co. and the university will receive funds Feb. 27. He said the projects total about $42.6 million, and the remaining $3.2 million will be funded through university contributions and pledged gifts.
Projects include:
• a new east-side complex at Plaster Sports Complex, which would remove existing seating and replace it with a new 4,000-seat structure, relocate the existing football field and build a new game-day meeting room and visitor's locker room;
• the upgrade of an existing field north of Glass Hall into a NCAA regulation soccer field surrounded by a new synthetic track, as well as a 1,000-seat grandstand with restrooms, locker rooms and a press box;
• a new field hockey and lacrosse team field north of Hammons Student Center, including a small grandstand, restrooms and a press box;
• sand volleyball courts at the southwest corner of Hammons Student Center; and
• renovations to the Sunvilla, Hammons, Hutchens and Kentwood residence halls.
"Our board toured the facilities and determined Sunvilla was the principle project, the hall in most need of refreshing," Foucart said. "Right now is a good time to issue bonds. Interest rates are low and we know this is something the students want to see."
DeWitt & Associates Inc.
submitted the lowest bid, $21.8 million, for the athletic and recreations field improvements.
