NU applies for tax-exempt bonds for new science buildingby jmaloni
Niagara Area Development Corporation receives application for assistance
The Niagara Area Development Corporation board of directors today received an application for assistance for consideration from Niagara University to refinance $24.5 million of existing tax exempt bonds and for $23.5 million of new tax exempt bonds to build a state-of-the-art science building on the Lewiston campus.
The NADC was established by the Niagara County Legislature as a local development corporation to handle tax-exempt revenue bond issuances for not-for-profit entities. Members of the NADC are appointed by the Niagara County Legislature and are the same as the board members of the NCIDA. The staff of the NCIDA administers and manages the NADC under an administrative services agreement with the county.
"This is an exciting project for Niagara County and Niagara University, and we will do all we can to assist in ensuring the new science building is constructed," said Henry M. Sloma, chairman of the Niagara Area Development Corporation. "Niagara University is one of the treasures of Niagara County, and we are thrilled to work with the school (to) build a new science building that will help train our future workforce in the latest sciences - a much needed trade for this region."
The Niagara University application for assistance consists of the refinancing of existing debt in addition to the construction and equipping of a new, 50,000-square-foot science building, which will replace an aging 50-year-old building. The project will also include the renovation of Meade Hall, a 26,700-square-foot building that will be converted from residential to administrative office space. The building has been vacant for two years since a new residence was constructed for the Vincentian priests. Existing student housing facilities will also be furnished and equipped.
In addition, new parking lots will be constructed to replace the parking lost by the construction of the new science building.
Infrastructure improvements are necessary to support present and future needs of the university. All new construction and renovations is projected to cost $23.5 million and create 17 new, full-time-equivalent jobs on the campus. The estimated cost benefit analysis calculates that the project will have an annual economic impact of more than $2 million.