Auxiliary Bond Approval
At the Friday, Oct. 21, quarterly meeting, the Winthrop University Board of Trustees authorized the university to spend $21 million to address Thomson’s Eagle Eatery and renovate portions of at least three residence halls. Board members approved three ways to pay for the enhancements: issuing $14.7 million in bonds, using $3.8 million in reserves, and utilizing $2.5 million in funding from state allocations.
Over several meetings, the finance committee has reviewed a wide array of information and data related to the university’s auxiliary portfolio deferred maintenance, with particular focus on housing and dining needs which, of course, directly impact student satisfaction. I thank Justin Oates and James Grigg for all of the work to get us to this point, and I appreciate the full board’s approval to move forward with these projects.
The projects are:
· New Cafeteria – $10.5 million (A decision has not been made on whether to revamp Thomson’s eatery or to build in a new location.)
· Margaret Nance Hall bathroom renovation – $3.6 million
· Phelps and Lee Wicker roof replacement – $5.5 million
· Interior repairs/renovations in residence halls, including lobby refresh and common area painting
Some smaller projects could be underway by summer 2023, while the eatery and roof work will not likely begin until 2024.
Thank you for your interest in the activities of the Board of Trustees.
Edward
Edward A. Serna
