WHEREAS, the State of South Carolina by law has conferred on the Winthrop University Board of Trustees "all the power necessary for the accomplishment of the trust committed to it, viz.: the establishment, conduct and maintenance of a first class institution of higher education," and
WHEREAS, the Committee on Finance has reviewed a wide array of information and data related to deferred maintenance needs in auxiliaries as well as the determination of appropriate financing for those needs as well as the ongoing auxiliary maintenance needs; and
WHEREAS, the Committee has reviewed short-term and long-term on‐campus housing needs, including the determination of size, scope, estimated cost, and financing strategy for new residence halls should they be needed; and
WHEREAS, the Committee has reviewed data related to the cafeteria study conducted in 2017 as a way to determine if need exists to either renovate or construct a new food service facility, estimate gross and net costs, and financing strategy; and
WHEREAS, the Committee reviewed data related to the financing structure of the Courtyard regarding possible courses of action for refinancing; and
WHEREAS, each and all of the above elements will affect significantly the overall context within which the Winthrop University must carry out it its responsibilities in an age of shifting expectations of campus auxiliaries, declining public-sector provision of resources and related challenges to organizational capacities as an aftermath of COVID-19 budget realities; and
WHEREAS, this recommendation does not support all deferred maintenance needs and the University is directed to continue to monitor the annual finances;
THEREFORE, be it resolved, that the Winthrop University Board of Trustees recommends and authorizes that the University move forward with up to a $21M financing debt issuance to support deferred maintenance and improvements of the auxiliary housing and dining portfolios and the consideration of a new dining hall.
Approved this 19th day of February 2021.
