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Capital Development Committee approves MSU Denver housing and event-center financing
Summary
The Capital Development Committee unanimously approved two MSU Denver projects — a roughly 500‑bed on‑campus housing complex and a 12,000‑sq. ft. conversion of a defunct pool into event and exercise‑science space — and authorized up to $115 million in intercept bonding, contingent on the university governing board.
The Capital Development Committee voted unanimously to approve two Metropolitan State University of Denver capital projects and to authorize up to $115,000,000 in intercept bonding, contingent on approval by the university’s governing board.
Casey Gearhart, MSU Denver’s vice president for government and external affairs, told the committee the university seeks to build its first dedicated on‑campus housing for “roadrunner” students, a complex of roughly 500 beds intended to address long‑standing student demand. Gearhart said about half of MSU Denver students rent off campus and that nearly three‑quarters of those surveyed would prefer an on‑campus option, and she described the housing as paired with programming aimed at student success.
Jim Carpenter, MSU Denver’s vice president for administration and chief financial officer, outlined the financing plan. He said the university intends to use the state’s intercept program and is “anticipating a maximum bond issue of $115,000,000, a not to exceed interest rate of 5.75%, a maximum final maturity of December 2060, and maximum annual debt service of $7,450,000.” Carpenter said the proposed renovation of the existing pool area would be repaid from MSU Denver’s existing Metro bond fee, while some Metro bond fee funds would be used in the first year for the housing project but the housing’s operating revenues are expected to repay the bulk of that debt. He added the financing plan would not require an increase to the Metro bond fee.
Committee members asked about affordability and billing. Carpenter said the rents the university is modeling are tied to on‑campus rates at CU Denver and “tend to be in the $6,000–$7,000 per semester range,” and Gearhart said the university surveyed students on price options and that roughly two‑thirds of respondents indicated interest at the modeled rates. Committee members and MSU Denver staff also discussed semester billing to align with financial‑aid packaging and the availability of food‑service and meal‑plan options.
Senator Mullica moved to approve the projects listed on MSU Denver’s two‑year cash projection; a roll‑call vote recorded members present voting in the affirmative and Representative Lindsey marked as excused. Senator Mullica then moved to approve using the intercept program for bonding of up to $115,000,000 for the event‑center renovation and student‑housing and workforce complex projects, contingent upon the university governing board’s approval. The second motion also passed on a roll call with members present voting in favor and Representative Lindsey again excused.
The committee did not set additional conditions on the approvals; MSU Denver representatives said both projects are in planning and design with an intended opening/completion in 2027. Following the votes, the committee handled internal scheduling and then adjourned.
Votes at a glance: the committee recorded the motions to (1) approve MSU Denver’s new projects on the two‑year cash list and (2) approve intercept bonding up to $115,000,000; both motions passed by roll call with members present voting in the affirmative and Representative Lindsey excused.
