Oxford board holds public hearing, approves resolution for up to $160 million University of Mississippi student‑housing bonds

The Oxford Mayor and Board of Aldermen on Oct. 21 held a public hearing and adopted a resolution supporting the issuance of student housing revenue bonds of up to $160 million to finance a private‑sector constructed dormitory project serving the University of Mississippi.

Sue Fairbank, who led the presentation for city staff, said the university will enter a public–private partnership with PRG Oxford Properties LLC to build new student housing on the site of the old Concannon dorm. "The project will provide approximately 1,282 new beds for university students," Fairbank said, and the construction and equipping of the project will be financed with student housing revenue bonds issued by a public finance authority in Wisconsin. She added, "The city has no obligation on these bonds," and stressed that Oxford taxpayers will not make payments on the debt.

Fairbank described the financing as a revenue project: PRG will repay the bonds from fees charged to residents of the dorms, and when the bond term ends the project will revert to the university. She also confirmed the public hearing notice was published on the city's website and in the Oxford Eagle as required by the Internal Revenue Code for private activity bonds.

No members of the public spoke during the hearing. A board member moved to adopt the resolution confirming the public hearing and consenting to the bond issuance, the motion was seconded, and the board approved the resolution by voice vote.

The resolution clears a local procedural requirement for the bond issuance; Fairbank and the board emphasized that the financing is structured so the city bears no legal or financial obligation for repayment. The board did not place conditions on the resolution at adoption. The matter will proceed with the issuing authority and the parties to the public‑private agreement.