2008 Woodie Awards
Trustees consider dorm update plan
Laura Houser
Issue date: 4/15/08 Section: Front Page
The Board of Trustees finance and audit committee announced Friday its hopes to give Miami University residence halls a facelift to decrease their average age to 18 years by 2040.
At the finance and audit committee meeting, university trustees discussed a 32-year plan that would eventually replace or renovate all residence halls by 2040.
Pete Miller, associate vice president for auxiliary services at Miami, and Bob Keller, university architect and campus planner, presented the committee with the details of a plan that would be financed over a period of 30 years.
Currently, the average age of all of Miami's 41 residence halls, including Heritage Commons, is 45 years. The new plan would reduce this average age to 18 years.
According to Miller, former Vice President of Finance and Business Services Richard Norman appointed a committee in August 2006 to create what he hoped would be a 15-20 year plan to update or replace all campus residence halls.
Many timetables were discussed, including ones that spanned 15 and 28 years, until it was decided that a 32-year plan was the most economically viable for both the university and students.
In a 32-year plan, Miller said construction would not begin on new residence halls until 2012.
To discuss financing plans, Miller said the committee employed MGT America, Inc., a national management research and consulting firm.
The final proposal presented Friday includes a 20-year payment plan, with funds provided through a combination of bonds and equity financing.
Miller said that Miami typically uses bonds when borrowing money; however money for residence hall construction must come directly from room and board fees, so Miller said the committee had to be cautious since student funds were involved.
Equity financing would use money that will accumulate between projects. Miller said this is a different approach than usual for funding.
It's a slower approach, Miller said, but one that will hopefully avoid debt.
At the finance and audit committee meeting, university trustees discussed a 32-year plan that would eventually replace or renovate all residence halls by 2040.
Pete Miller, associate vice president for auxiliary services at Miami, and Bob Keller, university architect and campus planner, presented the committee with the details of a plan that would be financed over a period of 30 years.
Currently, the average age of all of Miami's 41 residence halls, including Heritage Commons, is 45 years. The new plan would reduce this average age to 18 years.
According to Miller, former Vice President of Finance and Business Services Richard Norman appointed a committee in August 2006 to create what he hoped would be a 15-20 year plan to update or replace all campus residence halls.
Many timetables were discussed, including ones that spanned 15 and 28 years, until it was decided that a 32-year plan was the most economically viable for both the university and students.
In a 32-year plan, Miller said construction would not begin on new residence halls until 2012.
To discuss financing plans, Miller said the committee employed MGT America, Inc., a national management research and consulting firm.
The final proposal presented Friday includes a 20-year payment plan, with funds provided through a combination of bonds and equity financing.
Miller said that Miami typically uses bonds when borrowing money; however money for residence hall construction must come directly from room and board fees, so Miller said the committee had to be cautious since student funds were involved.
Equity financing would use money that will accumulate between projects. Miller said this is a different approach than usual for funding.
It's a slower approach, Miller said, but one that will hopefully avoid debt.
Viewing Comments 1 - 2 of 5
DG91
posted 4/15/08 @ 11:19 AM EST
This appears to be consistent with Hodge's new Miami. All the emphasis seems to be in dorms and stadiums, while Miami's academics continue to slide. Its a real shame that we are lacking the leadership provided by great men like Pearson and Shriver. (Continued…)
J Riley
posted 4/15/08 @ 2:12 PM EST
I really am tired of going to the beautiful rec, the beautiful Goggin, the beautiful Bell Tower, and then having to spend 6-8 hours a day in terrible labs! Why can't the Board of Trustees spend more money on giving us a better academic environment. (Continued…)
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