At its May 20 meeting, the Eastern Washington University Board of Trustees approved two resolutions to help fund the upcoming Pence Union Building renovation project.
The first resolution is a master document that amends and restates a previous resolution authorizing the university to issue bonds to finance the expansion, renovation and improvement of university student activity facilities and establish services revenue to pay for the bonds. The board passed a similar resolution in 2006 to help finance the University Recreation Center project.
The second resolution is a proposal of a $62.095 million bond with $36.390 million going toward financing the PUB renovation project and $25.705 million to refinance bonds from the 2006 University Recreation Center and 1993 PUB renovation projects. The term of the bond is 30.3 years with a maturity date of Oct. 1, 2046.
Revenue for the PUB renovation was created after students narrowly approved increasing their yearly student fees in a February vote by a margin of 1,052-983 — 51.2 percent. The student and activities fee increased from $65 to $68 per quarter in 2015 school year. The fee will increase to $80-85 per quarter starting in 2018.
The board also received an updated timeline for the PUB renovation. According Mary Voves, vice president of business and finance, bids for the remodel project are due in June.
“The substantial completion of the project is scheduled for June 2018 and the PUB is expected to reopen in August 2018,” Voves said.
In other action items, the board approved policies that create standards and procedures for administration of teleworking arrangements at Eastern, restricts hoverboards and self-balancing scooters on university-owned property, establishes the EWU Women’s Commission and describes the administrative procedures and eligibility requirements for leave sharing programs at the university.
Al Stover can be reached at al@cheneyfreepress.com.
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