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Athens State asks city and county for $4 million toward Carter Hall renovation
Summary
Representatives from Athens State University requested up to $4 million in local support for an 18–24 month Carter Hall renovation, saying bids are due July 10 and any local commitment could be structured as bond financing.
Representatives from Athens State University asked the Athens City Council and Limestone County Commission on a city meeting night for up to $4,000,000 in local support to renovate Carter Hall on the university campus.
The university presenter said bids are scheduled to be submitted July 10 and will be valid for 30 days, after which the Athens State University Board of Trustees would vote on moving the project forward depending on the bid results and on funding commitments from the city and county. The presenter described the renovation as an 18-to-24-month project and said the city’s and county’s commitments could be structured in different ways, including issuance of bonds.
“Those bids are good for 30 days and then the Athens State University board of trustees would need to vote on moving that project forward dependent on those bids and what kind of funding that we do receive from the city council and the county commission,” the university representative said. The presenter said the university’s request to each local body was “dollars 4,000,000.”
Council members asked for details the city would need to act. One councilmember requested bond-structure terms and annual debt-service figures. The university representative said a third-party financial institution had provided an example annual debt service of about $103,000 per $1 million borrowed, which the presenter used to illustrate that a $4 million commitment would translate roughly to $400,000 in annual debt service.
The presenter said state approvals are required before work can begin and noted community support, saying about 130 people had attended a town-hall presentation. The county expected the request on its July 7 agenda. City staff asked the university to provide bond terms and related numbers in writing by the next Wednesday so the council could consider placing the item on its agenda before the July 10 bid date.
No formal vote or financial commitment by the council was taken during the presentation; council members indicated they would need the written terms and internal consideration before scheduling a vote.
Athens State and university officials said they will return with the requested financing terms and underlying documentation for council consideration.
