William Paterson University Board of Trustees Executive Committee Authorizes Seeking Bond Funding for Critical Capital Projects
Board of Trustees Executive Committee has authorized the University to seek $73 million in bond funding for multiple critical capital projects on William Paterson’s campus.
The William Paterson University Board of Trustees Executive Committee, acting on behalf of the full Board of Trustees, has authorized the University to seek $73 million in bond funding for multiple critical capital projects on William Paterson’s campus. The projects are designed to address the strategic needs of the state and provide enhanced teaching and research facilities.
“We are grateful to Governor Christie and the citizens of New Jersey for supporting the ‘Building Our Future’ Bond Act which will provide critically needed funds for facilities projects on college and university campuses statewide,” says Kathleen Waldron, president of William Paterson University. “At William Paterson University, funds from this and other bond opportunities would enable us to move forward with plans to modernize the academic core of our campus, supporting greater enrollments and more research on behalf of faculty and graduate students. These initiatives will significantly benefit current and future generations of students who will be prepared to thrive as professionals in the New Jersey workforce.”
The University will seek $30 million from the “Building Our Future” Bond Act for a new academic building that would be a much-needed first phase of the University’s facilities modernization plan. The new building would replace an aging, inadequate facility with a state-of-the-art teaching and research facility that will include general use classrooms as well as specialized classrooms and clinical spaces for the University’s well-established and expanding programs in nursing, communication disorders and public health, programs that are designed to meet the burgeoning statewide need for health care professionals.
In addition, the University will also seek $30 million in funding from the Higher Education Facilities Trust Fund to completely renovate an outdated academic building in the academic core of the University’s campus that serves as one of the University’s main instructional facilities. The renovation would provide additional modern, general use and specialized classrooms.
An additional $4 million is sought from the Higher Education Technology Infrastructure Fund and Equipment Leasing Fund to upgrade and expand the University’s voice, video and data network on the University’s Valley Road campus as well as provide high-definition capabilities for the Communication Department broadcast studios. The request also includes nearly $9 million from the Higher Education Capital Improvement Fund for a variety of renewal and renovation projects, including new roofs and generators throughout the campus.
The total anticipated cost for these projects would be nearly $84 million, including a requirement for University matching funds and partial debt service for the projects.
# # #03/12/13