Financing for Projects on MU Campuses Gets Approved
COLUMBIA - The MU Board of Curators approved $252.3 million in bonds to finance various projects on the MU campuses Wednesday. Included in the projects are the expansion of the University of Missouri Health Cares' Green Meadows Outpatient Care Center, renovations to the Ellis Fischel Cancer center and improvements at Mark Twain Residential Hall in Columbia.
The Ellis Fischel Cancer Center will be allocated $21.7 million for the patient care tower and $30 million for the relocation of the center.
On the MU campus, the Mark Twain Residential Hall will receive more than $18 million for renovations. The replacement for the South Campus storm sewer will get $6.5 million. The East Campus Chilled Water Plant will be upgraded along with the power plant.
Laura Confer is the student representative for the UM Board of Curators. She said before the board made any final decisions, it wanted to ensure a strong business plan was set up to pay back the funds.
For the renovations for Mark Twain Hall, students will see an increase in residential hall fees. The school's utility rates will see a 6% increase until 2016.
Debt financing was through the Build America Bonds. Confer said the interest rate for the loans presented to the board was 7.99-percent, which is better than the board expected.