NY Daily Record Since 1908
This artist’s rendering shows where the largest chunk of funding for RIT is headed: $29 million for the construction of Institute Hall, to house the chemical and biomedical engineering departments. Construction is scheduled to begin in early 2011. Courtesy Rochester Institute of Technology
More than $1 billion in education loans recently were approved for several institutions, including up to $40 million for the Rochester Institute of Technology.
The financing was authorized by the board of the Dormitory Authority of New York State at its July 28 meeting.
The board approved the negotiated sale of one or more series of taxable, variable and/or fixed-rate bonds for RIT.
Paul Stella, director of University News at RIT, said the largest chunk of funding is $29 million for the construction of Institute Hall, which will house the school’s chemical and biomedical engineering departments as well as general classrooms and research space. Another $6 million will go toward the design and construction of a new green data center. Construction is scheduled to begin in the first half of 2011 and run through the summer of 2012.
Another $4.2 million was approved for the development of a pedestrian quad with an additional pedestrian path and landscaping improvements, as well as a new brick façade on Orange Hall (Building 13) to coordinate with the architectural style of other buildings on RIT’s campus.
New locker rooms for RIT’s hockey program will be added to the east side of the Frank Ritter Ice Rink as part of a $3.8 million expansion. Stella said construction on that project is expected to be completed by spring 2011.
Stella said other funding sources will come from RIT equity and/or private and/or corporate contributions.
The Dormitory Authority board also approved $128 million in bond sales for the State University of New York system for several dormitory projects on campuses statewide.
Casey Vattimo of SUNY’s Office of Communications provided a breakdown, which included area schools: SUNY Brockport, $5.9 million; Buffalo State College, $291,114; University at Buffalo, $266,420; SUNY Geneseo, $323,911; SUNY Oswego, $4 million; and SUNY IT, $12.74 million.
Vattimo said those funds will support the design, construction and/or rehabilitation costs in connection with residence facilities at the campuses.
The remainder of financing approvals included up to $472 million through the state Personal Income Tax Revenue Bond Program for several state agencies; and about $500 million for downstate programs, colleges and universities.
