“Building Affordability” will improve higher education facilities and help maintain Missouri’s status as a national leader in holding down tuition hikes
ROLLA, Mo. – Gov. Jay Nixon today visited the Missouri University of Science and Technology to announce more than $12 million in improvements and renovations made possible through Building Affordability, an initiative proposed by the Governor in collaboration with public colleges and universities and passed with bi-partisan support in the General Assembly this year.
“This $200 million investment by the state will help colleges and universities modernize and improve facilities without raising tuition to cover the costs,” Gov. Nixon said. “We will continue to invest in our higher education campuses so that students graduate with the skills they need to start a career, not a mountain of debt.”
At Missouri S&T, Building Affordability will provide more than $12 million to make needed repairs and improvements at Schrenk Hall, which was built in 1938 with a west wing addition in 1973. Currently, Schrenk Hall houses classrooms, teaching and research laboratories, and departmental offices for chemistry and biological sciences.
The renovations made possible through the Building Affordability initiative will include upgrading 83,000 square feet of space within the building. These improvements will update laboratories and classrooms to meet modern teaching standards. The renovated area will be adaptable, allowing for changes in scientific methodologies, equipment advances and research programs along with teaching laboratories and classrooms that are interactive with full technologies.
“Updating our laboratories and science classrooms will ensure that graduates entering the workforce have the skills and training today’s growing businesses are looking for. These updates will also enhance research and technology transfer in areas of critical importance to the state of Missouri and the nation,” said Missouri S&T Chancellor Cheryl Schrader. “This is a significant investment in our students and our economy, and we appreciate Gov. Nixon and the Missouri General Assembly for making this project possible.”
Building Affordability is a component of Build Missouri, a capital improvements initiative that will fund nearly 500 projects in every corner of the state through bond proceeds and other sources. Build Missouri includes bond proceeds for repairs and renovations at state facilities, veterans homes, state parks and higher education campuses, and for the completion of a new state-of-the-art mental hospital in Fulton, as well as non-bonding sources for other projects, including conservation areas, highway patrol facilities, and other facilities.
“Over the last six years, Missouri has led the nation in minimizing tuition increases at our public universities, helping drive a surge in enrollment on college campuses around the state,” Gov. Nixon said. “This initiative will build on this momentum, and strengthen Missouri’s position as a leader in higher education quality and affordability.”
Through Building Affordability, Missouri is investing $200 million in higher education campuses throughout the state. These additional investments by the state will help colleges and universities make needed renovations and improvements to their campuses without raising tuition to cover the costs of these projects.
Over the past six years, the Governor’s administration has paid down hundreds of millions of dollars in state debt. Based on current projections, after the implementation of Build Missouri, state government will still have lower levels of state-issued bonding debt than when the Governor first took office.
Last week, as a result of a strong record of fiscally responsible budget management, Missouri’s AAA credit rating was reaffirmed by the rating agencies. This allows the state to benefit from low interest rates, and makes long-term capital investments more affordable.
The most recent report on pricing trends by The College Board found Missouri once again leading all 50 states in holding down tuition increases at public universities.
