The Board of Governors recently approved the issuance of up to $138.7 million of Wayne State University general revenue bonds, which will advance nine capital projects over the next year.
According to William Decatur, vice president for finance and business operations, this is an ideal time to consider the bond issuance. “Interest rates remain at historically low levels, and the financial market environment is favorable regarding new bonds.”
The bond issuance includes $129 million to fund the specific capital projects. Total funding for the projects will come from fundraising, state appropriations and bond proceeds.
The following capital projects are included in the funding plan:
- Hilberry Theatre: Construction, renovation and expansion of the Hilberry Gateway Theatre.
- Mike Ilitch School of Business: The building, scheduled to open in spring 2018, includes approximately 120,000 square feet of space over four floors.
- Science and Engineering Library: Renovation and repurposing of the building into an enhanced instructional learning environment for undergraduate science, technology, engineering and mathematics (STEM) education. The project will transform 100,000 square feet of space into STEM learning facilities that will house the STEM Innovation Learning Center.
- Data Center: The new single-story building, located adjacent to the existing Computer and Information Technology Building, will include approximately 12,500 square feet.
- Building electrical upgrades: Construction of electrical upgrades to support converting buildings that were formerly fed from the Detroit Public Lighting Department to Detroit Edison.
- Weight Room addition – Construction of a weight room addition to the Matthaei Physical Education Center.
- Campus Health Center relocation – Due to the demolition of the DeRoy Apartment Building, the Campus Health Center will be relocated to the first floor of the Anthony Wayne Drive Apartments building.
- Art Gallery – Construction of a 6,000-square-foot art gallery as part of the Criminal Justice Building project.
- Activity relocation – Costs of relocation of existing activities due to construction activities primarily relating to the STEM project.