Contact: Scott Holste, (573) 751-0290
Channing Ansley, (573) 751-0290
FOR IMMEDIATE RELEASE
Feb. 17, 2015
Board of Public Buildings authorizes public sale of bonds for renovations at MU’s College of Engineering
Missouri’s AAA credit rating saves Missouri taxpayers millions in interest
JEFFERSON CITY, Mo. – Gov. Jay Nixon today voted as a member of the Board of Public Buildings to authorize the public sale of bonds to finance a $38.5 million renovation of Lafferre Hall at the University of Missouri-Columbia’s College of Engineering. The resolution approved by the Board included other opportunities to capitalize on Missouri’s AAA credit rating and save money for taxpayers through refinancing.
In addition to making needed repairs, the Lafferre Hall project will also provide additional state-of-the-art classroom and lab space to keep up with enrollment growth and prepare more Missourians for high-paying jobs in science, technology, engineering and math (STEM) fields.
“Increasing the number of Missourians with degrees in high-tech fields is vital to our economic competitiveness, so I’m pleased this project is moving forward,” said Gov. Nixon. “These long-overdue renovations will not only improve the learning environment for students, they will also improve our economy and strengthen Missouri’s position as a hub for high-tech jobs and innovation.”
Senate Bill 723, passed by the General Assembly and signed by the Governor last year, increased the amount of bonds that may be issued by $200 million, with the proceeds of such bonds to be used for repair or renovation of existing public higher education buildings and facilities. House Bill 2021 appropriated $38.5 million for the planning, design, and construction of strategic renovations and additions to Lafferre Hall. Last month, the Senate voted 31-3 to approve the Governor’s proposal for the remaining $162 million in higher education repair and renovation projects around the state.
“I thank the Senate for working in a bipartisan way to make these other much-needed improvements to our higher education campuses, and look forward to the House acting quickly,” said Gov. Nixon.
The project will repair and renovate portions of Lafferre Hall built in 1935 and 1944 respectively. In addition to repairing masonry and replacing windows and roofs, the area will be renovated to include experiential teaching and learning labs along with space for computer labs and a student machine shop. The renovations will produce an additional 20,000 square feet for research space for engineering disciplines including Electrical and Computer Engineering, Chemical Engineering and Mechanical and Aerospace Engineering faculty. The University of Missouri estimates the project will provide space for 3,300 students and eliminate more than $15 million in deferred maintenance.
Missouri is one of the few states with a AAA credit rating from all three ratings agencies, Moody’s, Standard & Poor’s and Fitch Ratings. This sends a strong signal to businesses that Missouri is a safe place to invest and saves taxpayers millions of dollars in interest annually.
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