At a special meeting last week, the Colorado State University-Pueblo Foundation voted unanimously to accept the transfer of five acres of University land on the Belmont campus and to borrow money to expedite the design and construction of a $15.7 million residence hall on the northwest side of the CSU-Pueblo campus.
The Foundation voted to form the CSU-Pueblo Foundation Housing Project, LLC, to borrow money for the construction of the first phase of a three-phase residence hall complex construction project. The Foundation’s action allows for completion of the phase one 253-bed facility in time for Fall 2009 occupancy. As part of a three-phase approach, the University plans to add 250 more beds in 2010 and also in 2011 to provide an additional 750 on-campus beds.
The 76,400-square-foot residence hall completed in phase one will house 253 beds in 72 units of both private and shared bedroom suites. The facility also will feature a computer lab, classroom, office, and meeting space as well as significant amounts of social space, which complements the University’s commitment to developing on-campus living, learning communities.
The urgency in timeline is the result of anticipated enrollment growth at the University. According to CSU-Pueblo President Joe Garcia, the Fall 2008 incoming freshman class is likely to be at least 50 percent larger than last fall with overall enrollment up more than 10 percent. Given the capacity limits of the single existing on-campus housing facility, the University may be seeking off-campus housing options in order to provide accommodations for the ever increasing student population.
The Foundation board agreed to guarantee and sign a short-term construction loan agreement for $15.7 million with Legacy Bank, which was selected from among four proposals because of their rates and ability to meet the timeline and specific loan requirements. Ultimately, the total project will be funded by long-term debt issued by the Colorado State University System rather than through bank financing. The Foundation appointed the University as the agent to oversee all vendors and contractors. In addition to saving significant time toward the expeditious completion of the first phase, the agreement will reduce financing costs for that phase.
The University has a meeting scheduled with residents of the surrounding neighborhood on July 23 to inform them of the construction plans and timeline and to allow an opportunity to ask questions of campus officials. A groundbreaking for the residence hall project has been scheduled for 12:30 p.m. on Monday, July 28 with officials from the developer, contractor, architect, financing institution, Foundation, and University all represented.
“The CSU-Pueblo Foundation exists to advance the University,” said DenaSue Potestio, Executive Director of the Foundation. “The Foundation’s trustees understand their mission and support President Garcia in his plans for additional on-campus housing capacity in this tremendously exciting period of growth.” EXTERIORS.pdf