Post by Aggie One on Sept 21, 2018 22:37:44 GMT -5
BOG's approval of new FAMU housing bonds comes with strings attached
Last week the Florida Board of Governors (BOG) approved a resolution to allow Florida A&M University to seek $125 million in low cost federal funding from an HBCU loan program to build a new 700-bed residence hall and dining facility, restructure its current debt on FAMU Village, and borrow money for existing dorm maintenance.
If all goes well, the new dorms will open in the fall of 2020.
"FAMU will be providing its students with additional 21st-century living and learning spaces that they so richly deserve, " said FAMU President Larry Robinson.
BOG appears skeptical of FAMU's ability to manage construction projects
The BOG approval, however, comes with unprecedented conditions, never before placed on any Florida public university. The conditions likely signal the BOG's strong distrust in FAMU's ability to manage construction projects.
The BOG's growing frustrations with FAMU's handling of its construction most recently showed in some rather public and behind-the-scenes negotiations on the Center for Access and Student Success building, currently under construction in the parking lot between Gaither Gym and Gibbs Hall. These concerns prompted BOG Chancellor Marshall Criser to make an unannounced appearance at a FAMU Board of Trustees meeting in the fall where the project was being discussed.
The BOG concerns date back to the FAMU Division of Finance and Administration's mishandling of millions of dollars in construction money during the construction of Pharmacy Phase II which left the 72,000 sq ft new building with nearly 33,000 sq. ft of "shell space" that is unusable. The building had a ground breaking in 2010, however it did not open until last fall.
For the rest of the story:
rattlernation.blogspot.com/2018/09/bogs-approval-of-new-famu-housing-bonds.html#more
Last week the Florida Board of Governors (BOG) approved a resolution to allow Florida A&M University to seek $125 million in low cost federal funding from an HBCU loan program to build a new 700-bed residence hall and dining facility, restructure its current debt on FAMU Village, and borrow money for existing dorm maintenance.
If all goes well, the new dorms will open in the fall of 2020.
"FAMU will be providing its students with additional 21st-century living and learning spaces that they so richly deserve, " said FAMU President Larry Robinson.
BOG appears skeptical of FAMU's ability to manage construction projects
The BOG approval, however, comes with unprecedented conditions, never before placed on any Florida public university. The conditions likely signal the BOG's strong distrust in FAMU's ability to manage construction projects.
The BOG's growing frustrations with FAMU's handling of its construction most recently showed in some rather public and behind-the-scenes negotiations on the Center for Access and Student Success building, currently under construction in the parking lot between Gaither Gym and Gibbs Hall. These concerns prompted BOG Chancellor Marshall Criser to make an unannounced appearance at a FAMU Board of Trustees meeting in the fall where the project was being discussed.
The BOG concerns date back to the FAMU Division of Finance and Administration's mishandling of millions of dollars in construction money during the construction of Pharmacy Phase II which left the 72,000 sq ft new building with nearly 33,000 sq. ft of "shell space" that is unusable. The building had a ground breaking in 2010, however it did not open until last fall.
For the rest of the story:
rattlernation.blogspot.com/2018/09/bogs-approval-of-new-famu-housing-bonds.html#more
