Subcommittee reviews multi-million-dollar methods of finance for university projects including $142.2M Maple Hill plan
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Summary
Members reviewed eight methods of finance for university projects, including a $2 million millage-funded MOF for ASU Mid-South and a revised $142.2 million MOF for UA Fayetteville’s Maple Hill Residence Hall to be funded with bond proceeds.
The Legislative Council subcommittee reviewed eight methods of finance for higher-education and institutional projects during its session.
Katie Walden, fiscal staff, summarized the MOFs: ASU Mid-South submitted a new MOF of $2,000,000 using 100% millage funding for learning center and library renovations; Arkansas Tech University submitted two new MOFs, including $800,000 for a roof replacement and $1,800,000 for the Tucker Chiller project; Ozarka College submitted a $500,000 plant-fund roof replacement MOF; and the University of Arkansas at Fayetteville revised a MOF for the Maple Hill Residence Hall Central project to be up to $142,200,000 with bond proceeds as the financing mechanism.
Walden also noted a $1,400,000 equipment MOF for the Freeborough Hall Planetarium at U of A Little Rock (shared between cash funds and private donations) and two projects at UAMS for imaging and an energy plant boiler using mixed funding sources.
For the University of Central Arkansas multipurpose arena, presented under the alternative delivery item, Walden said the project is estimated at $75,500,000 and that Nabholz Construction and Wetzel Evans Rasco were selected as contractor and design professional, respectively; the subcommittee reviewed the item without objection.
Members did not object to sending the MOFs for the subcommittee’s formal review list; no roll-call votes were recorded on these project summaries.
