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Commissioners approve $10 million tax-exempt financing for university housing; one commissioner abstains
Summary
The board approved a $10 million tax-exempt, bank-qualified financing (BOC-1926) to renovate campus residence buildings for University Student Housing; the motion passed with one abstention from a commissioner who cited a university trusteeship conflict.
The Chester County Board of Commissioners approved a tax-exempt, bank-qualified financing package (BOC-1926) to fund renovations to student residential buildings affiliated with University Student Housing, an affiliate of the Westchester University Foundation.
Mike Greglionis of the Chester County Economic Development Council summarized the financing: the transaction will be approximately $10,000,000 and is intended to renovate seven village buildings at the south campus and University Hall in the residential quad. Greglionis said the parties hope to close in mid-May.
The board voted to approve the financing. One commissioner abstained and explained the abstention was due to membership on the university’s council of trustees, a conflict the commissioner disclosed on the record.
No detailed vote tally or mover/second names were recorded in the meeting transcript beyond the voice vote and the recorded abstention.
Outcome: motion approved; staff and counsel will proceed with closing preparations.
