Trustees approve issuance of $265 million in bonds
LEXINGTON, Ky. (Dec. 17, 2013) ― The University of Kentucky Board of Trustees today approved a resolution authorizing issuance of $265 million in bonds to help finance expansion of the UK Gatton College of Business and Economics building; construction of the Academic Science Building; and renovation and expansion of Commonwealth Stadium.
With the passage of House Bill 7 earlier this year, the 2013 General Assembly approved UK’s proposal to self-finance these three major projects that contribute to the overall revitalization of UK’s campus infrastructure. These projects, along with the replacement of outdated residence halls with an increased number of modern living spaces, are transforming the UK campus.
Through a combination of private funding, issuance of bonds, internal sources, and a unique plan to use athletics funding of academics, UK will completely fund:
♦ A $65 million renovation and expansion of the Gatton College of Business and Economics. The $65 million project will be initially funded with $25 million in gifts and $40 million in agency bonds;
♦ A $100 million Science and Academic Building where Donovan Residence Hall currently sits. The 263,000-square-foot building will be funded by agency bonds and is the result of a partnership with UK Athletics unlike any other in the country. UK Athletics will fund 65 percent of the building’s debt service ― about $65 million
♦ A $110 million renovation of Commonwealth Stadium and the Nutter Training and Recruiting Center. The project ― which will add suites and club seating, while improving the fan experience throughout the stadium ― will be paid for by agency bonds and funded through the construction of suites. UK already has a waiting list for suites.
news from across Kentucky
Omnicare agrees to $16.48 millions settlement for financial violations
Kentucky’s share is nearly $350,000