National Park College (NPC) Board of Trustees held a special called meeting Thursday, June 6 where they approved a resolution to issue bonds to finance on-campus housing.
Vice President for Finance and Administration, Steve Trusty presented the resolution to the Board explaining the shift from the public/private partnership method of financing that was part of the original plan. Trusty said the decision was made after much discussion with bond counsel. He said financing the project directly was beneficial to the College and most importantly the students. “We want to be able to keep costs as low as possible for our students and that is the primary reason we are recommending this change.”
Trusty explained that issuing bonds directly would save the College approximately $7 million dollars in interest over the life of the bond and cut years off of the term.
The Board approved the project last November. Servitas was selected to build and operate the project. A comprehensive feasibility study revealed a significant demand for affordable housing options at NPC. While demand was estimated to be approximately 237 beds, Servitas recommended starting with a 180 bed facility.
Results from the study also indicated more than half of the 586 respondents were ages 17-24, 86 percent of which would consider on-campus housing. One quarter of all respondents commute more than 40 miles each day to attend NPC and 15 percent travel more than 60 miles daily.
The College has set a goal to have construction completed by the fall semester of 2020.
NPC President, Dr. John Hogan explained that higher education is becoming increasingly competitive. “We are responding to the needs of students. They have told us they need safe, affordable housing options and we are providing that. We are making this strategic investment to keep more of our young people here and also attract a new market of students, both of which will provide economic benefits for our community.”
