The Western Michigan University Board of Trustees approved the issuance of a bond not to exceed $70 million to fund the Student Center and Dining Facility project, Thursday, Nov. 5
The university completed the first round of financing for the project and will finance the final round in 2020-21, according to a news release.
The bond is intended to fund the completion of the construction project including furnishing and equipping of the facilities. Financing will also provide funding for construction of a new roadway to allow access to the student center, according to the release.
Board Treasurer Jan Van Der Kley said the proposal was written in a flexible manner to allow for varying market conditions and possible refunding of existing debt.
“We have four current issuances that we’re monitoring for the market,” Van Der Kley said. “Right now, two look very viable to benefit us.”
Among the financing needed to complete the project, Van Der Kley said the pandemic presented new issues.
“COVID-19 did escalate costs of construction for projects due the cleaning separation that had to be put in place,” Van Der Kley said.
The student center is projected to open fall 2021 and will feature nine shops and restaurants, space for student organizations and lounge areas, according to a news release.
The student center and dining facility are a part of the Hilltop Village development, along with the Arcadia Flats, which is scheduled to open fall 2020.