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Lane Community College New Downtown Campus <br />Before picture <br />After picture <br />The Agency Board approved expenditure of funds to support Lane Community <br />th <br />Downtown Campus at 10 & Charnelton, across from the library. Specifically, the Plan calls for a grant of $8 <br />million to be funded from cash on hand (estimated at $3.75 million) plus issuance of debt (estimated at $4.25 <br />million). The new Downtown Campus will include a 90,000 square foot, $35 million education building and a <br />$20 million, 75,000 square foot student housing facility. The student housing will include five floors to <br />accommodate 256 students. Both buildings will be LEED certified. As of February 2012, the construction is <br />45% complete, on-time, and on-budget. Students will move in during September 2012, while the education <br />building is being finished. The first classes in the new building are expected to begin in January 2013. (See <br />Attachment 1 for excerpts from the Plan and Report related to this project.) <br />Expenditure Summary <br />FY 11 FY11 Authorized Amount <br />Budget Expenditures by Plan Remaining <br />$ 8 million $8 million $8 million $0 <br />In May 2011, the Agency issued $3.5 million in private placement bonds to be combined with cash-on-hand. <br />(The debt amount was less than expected because the bank did not require a debt service reserve account, <br />and the Agency was able to use the funds set aside for that reserve to lower the borrowing amount.) The <br />Agency signed an intergovernmental agreement with LCC and disbursed the $8 million urban renewal grant. <br />(Additional detail is in Attachment 2 The Plan Estimate and the excerpt from the Annual Financial Report <br />fiscal year ended June 30, 2011 and) <br />Funding Sources <br />In addition to the grant, the Agency and the City participated in this project in two other ways: <br />The Agency donated the land valued at $1.6 million; and <br /> <br />R <br />The City approved the transfer of a Recovery Zone Bond to LCC in order to help the college access a <br /> <br />R <br />$7,839,000 bond for the housing portion of the project. <br /> <br />17 <br />