The State Board of Higher Education’s budget committee has passed a resolution approving UND’s plans for a major housing project.
The project would remove McVey and West Halls in favor of a new complex…renovate Brannon…and upgrade Selke and Noren to target students seeking more affordable housing options.
UND’s public finance attorney Jon Arnston says the resolution authorizes the $134 million project… refunds more than $25 million in housing bonds issued by the State Board in 2012 and 13… and approves the sale of “certificates of participation” for $175 million.
“The difference between the $140 and $175 million would be to refund these two (bond) issues, plus provide the capitalized interest for 24 months to carry the certificates until the housing is operational,” he said.
UND would partner with Johnson Controls, Corvias and Plenary Group on the project.
UND officials have said the model would generate $150 million in residual revenues for the school, with the partnership lasting 40 years… and maintenance handled by the partners.
McVey and West are among six residence halls scheduled for demolition under another UND proposal approved by the budget committee.
The matter now goes to the full State Board on Thursday.
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