From the October, 2021 meeting of the State School Bonding Authority:
”Mr. Mumpower stated that the next item to come before the Authority was the consideration of approval of a project for Middle Tennessee State University ("MTSU"). Mr. Mumpower recognized Mr. Dick Tracy, Executive Director of Facilities Development at the Tennessee Board of Regents ("TBR"), to present the request.
• Middle Tennessee State University - Student Athlete Performance Center (459); Cost of $66,000,000 of which $61,000,000 will be financed by the TSSBA' Tenn of Financing: 30 years as long-term financing at an assumed tax-exempt rate.
Mr. Mumpower asked Ms. Thompson if SGF had conducted a feasibility analysis on the project. Ms. Thompson stated that a feasibility study had been performed and was included in the meeting packet. Ms. Thompson explained that the projected revenues were sufficient to cover the debt service on the project. Mr. Mumpower asked Mr. Tracy in light of the COVID-19 pandemic if MTSU or TBR had considered what effects another virtual learning situation would have on the project. Mr. Tracy stated that TBR has discussed the potential of another pandemic with MTSU. Mr. Tracy explained that in such an event the project would have a balance set aside in renewal and replacement reserve funds ("R&R"), and that the fees would be assessed even if students were learning remotely.
Mr. Mumpower asked if there were any further questions or discussion. Hearing none, Mr. Hargett made a motion to approve the project, Mr. Lillard recorded the motion, and Ms. Thompson called the roll:”
In a nutshell, floating new bonds to finance over 92% of this $66,000,000 project (as presented) is dependent on student activity fees and the ability to adjust/raise them while assuming enrollment remains at or above current levels. And for those of you who still believe our BOT is not dependent on the TBOR? Mr. Dick Tracy, Exec Director of Facilities for the TBOR presented the request for approval. I have found him to be very approachable for any questions if any of our crack journalists want to know how the project is (or will be) funded and how it was presented to him for approval. He was very helpful in answering my questions and concerns regarding all the years of delays getting the Football IPF completed in Memphis.
LINK:
State School Bonding Authority minutes
”Mr. Mumpower stated that the next item to come before the Authority was the consideration of approval of a project for Middle Tennessee State University ("MTSU"). Mr. Mumpower recognized Mr. Dick Tracy, Executive Director of Facilities Development at the Tennessee Board of Regents ("TBR"), to present the request.
• Middle Tennessee State University - Student Athlete Performance Center (459); Cost of $66,000,000 of which $61,000,000 will be financed by the TSSBA' Tenn of Financing: 30 years as long-term financing at an assumed tax-exempt rate.
Mr. Mumpower asked Ms. Thompson if SGF had conducted a feasibility analysis on the project. Ms. Thompson stated that a feasibility study had been performed and was included in the meeting packet. Ms. Thompson explained that the projected revenues were sufficient to cover the debt service on the project. Mr. Mumpower asked Mr. Tracy in light of the COVID-19 pandemic if MTSU or TBR had considered what effects another virtual learning situation would have on the project. Mr. Tracy stated that TBR has discussed the potential of another pandemic with MTSU. Mr. Tracy explained that in such an event the project would have a balance set aside in renewal and replacement reserve funds ("R&R"), and that the fees would be assessed even if students were learning remotely.
Mr. Mumpower asked if there were any further questions or discussion. Hearing none, Mr. Hargett made a motion to approve the project, Mr. Lillard recorded the motion, and Ms. Thompson called the roll:”
In a nutshell, floating new bonds to finance over 92% of this $66,000,000 project (as presented) is dependent on student activity fees and the ability to adjust/raise them while assuming enrollment remains at or above current levels. And for those of you who still believe our BOT is not dependent on the TBOR? Mr. Dick Tracy, Exec Director of Facilities for the TBOR presented the request for approval. I have found him to be very approachable for any questions if any of our crack journalists want to know how the project is (or will be) funded and how it was presented to him for approval. He was very helpful in answering my questions and concerns regarding all the years of delays getting the Football IPF completed in Memphis.
LINK:
State School Bonding Authority minutes
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