 | Board of Visitors minutes March 29, 1985 |  |
Exhibit C
UNIVERSITY OF VIRGINIA
Feasibility Study
for
Student Activity Building
Prepared by the
University Budget Office
March 13, 1985
UNIVERSITY OF VIRGINIA
Student Activity Building
Project Description
The University has constructed a Student Activity Building which will accommodate approximately 800 persons. The structure will provide activity space for large meetings and social activities for both on-Grounds and off-Grounds students. The project was completed in November 1984 at a cost of $564,700 including utilities and sitework. The General Assembly authorized the inclusion of this project in a revenue bond issue for permanent financing.
For a significant period of time student groups and organizations have faced a scarcity of activity space for large meetings and social activities which would protect them from the elements. Currently, there are approximately 150 student organizations that are in need of activity space. In addition, there are approximately 50 fraternities and sororities that on occasion are in need of space. One of the three buildings previously being used for social activities, Halsey Hall, is being converted to academic space. Since they are smaller in size, the other two facilities do not fully meet the needs of the student body.
Payment of the debt will be from a student fee to be assessed to all full-time, regular session students in the amount of $7 per session. In calculating the debt payment schedule, an interest rate of 9.5% was used and the payments were extended over 20 years resulting in coverage of approximately 117%.
UNIVERSITY OF VIRGINIA
Student Activity Building
Estimated Annual Net Revenue Available for Debt
Service of $564,700 Bond Issue
| Estimated Revenues | |
| Student Fees $7 per full-time student x 15,000 students | $105,000 |
| Total Estimated Revenues | $105,000 |
| Estimated Expenditures | |
| Maintenance Services | $30,000 |
| Total Estimated Expenditures | $30,000 |
| Total Estimated Net Revenue | $75,000 |
UNIVERSITY OF VIRGINIA
DEBT SERVICE SCHEDULE
STUDENT ACTIVITY BUILDING
INTEREST RATE 9.50%
| Year | Remaining Principal | Principal Payment | Interest Payment | Total Debt Serv Payt | Revenue | Coverage |
| 564,700 | ||||||
| 1985-86 | 554,700 | 10,000 | 53,647 | 63,647 | 75,000 | 1.18 |
| 1986-87 | 544,700 | 10,000 | 52,697 | 62,697 | 75,000 | 1.20 |
| 1987-88 | 534,700 | 10,000 | 51,747 | 61,747 | 75,000 | 1.21 |
| 1988-89 | 519,700 | 15,000 | 50,797 | 65,797 | 75,000 | 1.14 |
| 1989-90 | 504,700 | 15,000 | 49,372 | 64,372 | 75,000 | 1.17 |
| 1990-91 | 489,700 | 15,000 | 47,947 | 62,947 | 75,000 | 1.19 |
| 1991-92 | 469,700 | 20,000 | 46,522 | 66,522 | 75,000 | 1.13 |
| 1992-93 | 449,700 | 20,000 | 44,622 | 64,622 | 75,000 | 1.16 |
| 1993-94 | 429,700 | 20,000 | 42,722 | 62,722 | 75,000 | 1.20 |
| 1994-95 | 404,700 | 25,000 | 40,822 | 65,822 | 75,000 | 1.14 |
| 1995-96 | 379,700 | 25,000 | 38,447 | 63,447 | 75,000 | 1.18 |
| 1996-97 | 349,700 | 30,000 | 36,072 | 66,072 | 75,000 | 1.14 |
| 1997-98 | 319,700 | 30,000 | 33,222 | 63,222 | 75,000 | 1.19 |
| 1998-99 | 284,700 | 35,000 | 30,372 | 65,372 | 75,000 | 1.15 |
| 1999-00 | 249,700 | 35,000 | 27,047 | 62,047 | 75,000 | 1.21 |
| 2000-01 | 209,700 | 40,000 | 23,722 | 63,722 | 75,000 | 1.18 |
| 2001-02 | 164,700 | 45,000 | 19,922 | 64,922 | 75,000 | 1.16 |
| 2002-03 | 114,700 | 50,000 | 15,647 | 65,647 | 75,000 | 1.14 |
| 2003-04 | 59,700 | 55,000 | 10,897 | 65,897 | 75,000 | 1.14 |
| 2004-05 | 0 | 59,700 | 5,672 | 65,372 | 75,000 | 1.15 |
| 564,700 | 721,905 | 1,286,605 |
| Board of Visitors minutes March 29, 1985 | |