CLC to Issue $60 Million in Bonds for Grayslake Campus Improvements
The College of Lake County has begun a $60 million bonding process for a campus master plan.
The College of Lake County Board of Trustees has approved a notice to issue up to $60 million in general obligation bonds for facilities improvements on the Grayslake campus.
A public hearing on the bond issue will be held during the trustees’ regular meeting scheduled for 6 p.m. on March 19 at the Southlake Campus at 1120 S. Milwaukee Ave., in Vernon Hills. A resolution authorizing the actual bond sale will be considered at the April 29 board meeting.
The trustees approved a sustainable campus master plan in Nov. 2012. The plan includes energy-saving repairs to aging infrastructure, a new science building and consolidated space for student support services on the Grayslake campus as well as a major expansion of the Lakeshore Campus in Waukegan.
The total cost of the master plan is $146.7 million, which will be covered through several sources—college reserve funds, a student capital fee, the upcoming bond sale and a $19 million bond sale approved in Jan. 2012.
“We need to make repairs to our aging heating and air conditioning system on the Grayslake campus and provide new buildings to keep our academic programs and services strong,” said Board Chairman Richard Anderson.
The bonds will be repaid in 10 and 20-year increments. The shorter repayment schedule will save the college about $5 million in interest costs, according to David Agazzi, vice president for administrative affairs.
Additional cost savings should also be achieved through the college’s “AAA” bond rating, Agazzi said. The actual sale of the bonds is expected to occur in the fall.
Submitted by the College of Lake County