Update:
Blinn College officials say cash reserves, including revenue generated from students on the Bryan campus, will not be used to finance part of a new residence hall project in Brenham.
One million dollars to build a parking lot and do site preparation will come from Washington County Taxing District bond funds, drawn from the oldest bond funds available, probably 2014.
Blinn administrators originally recommended to trustees, according to background material posted prior to Friday’s special meeting, that bond or cash reserves would be used.
Second news release from Blinn College containing updated information:
Please note that the motion voted upon and approved by the Board of Trustees at today’s meeting specified that funding for the parking lot and site improvements only would come from existing bond funds. Information in the previously released statement indicating that funding also could come from the College’s cash reserves was incorrect and has been amended in the text below. We apologize for the error.
The Blinn College Board of Trustees approved a new design for a planned student housing facility located on the College’s Brenham campus during a special meeting held Friday, Sept. 9.
The board approved financing for parking lot and site improvements adjacent to the student housing project, and authorized Blinn administrators to negotiate and award a professional services agreement with Strand Associates, Inc. for the design and construction phase services related to the parking lot project. Blinn also was authorized to seek construction bids for the parking lot project.
In August 2015, the board authorized Blinn administrators to engage in a public/private partnership for the construction of a new student housing facility on the Brenham campus. The project, located at the corner of Saeger Street and Old Mill Creek Road, will be funded by National Campus and Community Development (NCCD)-Blinn College Properties, LLC, a 501(c)3 nonprofit organization established to provide tax-exempt financing specifically for this project. Blinn and NCCD-Blinn College Properties will enter into a 40-year ground lease, and upon repayment by NCCD, the facility will revert to Blinn.
In March 2016, the College became aware that a 0.2346-acre portion of the design site would be designated as a wetland. To preserve the favorable interest rate available from a U.S. Department of Agriculture Rural Community Development Initiative Grant and to expedite construction for occupancy by Fall 2018, an alternative design was developed.
As part of the new design, Blinn will finance the estimated $1 million in parking lot and site improvements taking place on the wetland area with existing bond funds. The remaining $32 million development cost will be funded by NCCD.
The new design is expected to increase the facility’s capacity from 453 to 465 students and increase the total square footage from 159,000 to 162,000.
The Blinn-Brenham campus currently houses 1,326 students, more than any other community college in the state. Despite this, approximately 925 students were placed on the housing waiting list this fall. The addition of 465 students would generate approximately $3 million in annual tuition, fees and state reimbursement.
Original story:
Money generated by Blinn College students in Bryan will finance part of a new dormitory project in Brenham.
A special meeting of Blinn’s trustees Friday morning approved a new plan to pay for the dorm.
Most of the $32 million dollar residence hall involves a low-interest loan from the U.S. Agriculture Department because trustees approved a new building design to keep it off a federally designated wetlands site.
As part of the same motion, trustees approved the administrator’s recommendation to spend $1 million in existing bond reserves and cash reserves…which includes revenue from Bryan…for site preparation and the dorm’s parking lot that is on wetlands property.
Scheduled for opening in the fall of 2018, a for-profit company will operate the dorm, which will accommodate 465 students in 68 two-bedroom and 82 four bedroom units.
Click HERE to download background information presented to the Blinn trustees.
News release from Blinn College:
The Blinn College Board of Trustees approved a new design for a planned student housing facility located on the College’s Brenham campus during a special meeting held Friday, Sept. 9.
The board approved financing for parking lot and site improvements adjacent to the student housing project, and authorized Blinn administrators to negotiate and award a professional services agreement with Strand Associates, Inc. for the design and construction phase services related to the parking lot project. Blinn also was authorized to seek construction bids for the parking lot project.
In August 2015, the board authorized Blinn administrators to engage in a public/private partnership for the construction of a new student housing facility on the Brenham campus. The project, located at the corner of Saeger Street and Old Mill Creek Road, will be funded by National Campus and Community Development (NCCD)-Blinn College Properties, LLC, a 501(c)3 nonprofit organization established to provide tax-exempt financing specifically for this project. Blinn and NCCD-Blinn College Properties will enter into a 40-year ground lease, and upon repayment by NCCD, the facility will revert to Blinn.
In March 2016, the College became aware that a 0.2346-acre portion of the design site would be designated as a wetland. To preserve the favorable interest rate available from a U.S. Department of Agriculture Rural Community Development Initiative Grant and to expedite construction for occupancy by Fall 2018, an alternative design was developed.
As part of the new design, Blinn will finance the estimated $1 million in parking lot and site improvements taking place on the wetland area with the College’s cash reserves or existing bond funds. The remaining $32 million development cost will be funded by NCCD.
The new design is expected to increase the facility’s capacity from 453 to 465 students and increase the total square footage from 159,000 to 162,000.
The Blinn-Brenham campus currently houses 1,326 students, more than any other community college in the state. Despite this, approximately 925 students were placed on the housing waiting list this fall. The addition of 465 students would generate approximately $3 million in annual tuition, fees and state reimbursement.
