NMU looking to complete 7 major campus projects within the next 3 years
MARQUETTE, MI— Northern Michigan University is putting a capital outlay plan for seven projects in front of the Board of Trustees during a special meeting Thursday.
The $90.6 million plan would renovate the Jacobetti Complex, move Cosmetology and Hospitality Management to the Northern Center, construct a new Health and Wellness Center, create new Science Complex Teaching labs, provide new space for the Behavior Education Assessment and Research Center, build a Northern Enterprise Center for the College of Business, and renovate Harden Hall.
NMU Vice President for Finance and Administration, Gavin Leach, says funding would come from the following sources:
- State Capital Outlay Funds—$20 million
- Donor Funding--$10 million
- Capital and Maintenance Funds $29.47 million
- Bond Proceeds $31.15 million
“Next steps is receive approval from the Board for a funding plan for the projects and secure funding through issuance of bonds on the capital markets,” Leach says. “And once we receive the bonds we have to expend 85 percent of those bonds within three years from receiving the money.”
Leach says the current state of the bonding market and recent investment gains have made it a good time to move forward with capital projects on campus.