Board of Visitors minutes :: March 25, 1983 :: University of Virginia Library

Exhibit B UNIVERSITY OF VIRGINIA Feasibility Study for Addition to Newcomb Hall Prepared by the University Budget Office in conjunction with the Vice President for Student Affairs and the Director of Business and Auxiliary Services University of Virginia March 10, 1983

UNIVERSITY OF VIRGINIA Addition to Newcomb Hall Project Description

UNIVERSITY OF VIRGINIA Addition to Newcomb Hall Estimated Net Revenue Available for Debt Service for $2,800,000 Revenue Bonds

UNIVERSITY OF VIRGINIA DEBT SERVICE SCHEDULE NEWCOMB HALL ADDITION INTEREST RATE 8.5 %

Exhibit C UNIVERSITY OF VIRGINIA Preliminary Feasibility Study for Housing for Approximately 300 Students Prepared by The University of Virginia Budget Office In Consultation with the Director of Business Operations March 10, 1983

UNIVERSITY OF VIRGINIA Housing for Approximately 300 Students Project Description

UNIVERSITY OF VIRGINIA Housing for Approximately 300 Students Estimated Net Revenue Available for Debt Service for $5,000,000 Bond Issue

UNIVERSITY OF VIRGINIA DEBT SERVICE SCHEDULE HOUSING FOR 300 STUDENTS INTEREST RATE 8.5 %

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Exhibit B
UNIVERSITY OF VIRGINIA
Feasibility Study
for
Addition to Newcomb Hall
Prepared by the
University Budget Office
in conjunction with the
Vice President for Student Affairs
and the
Director of Business and Auxiliary Services
University of Virginia
March 10, 1983

UNIVERSITY OF VIRGINIA
Addition to Newcomb Hall
Project Description

The University is planning construction of an addition to Newcomb Hall, the primary student activity building. Phase I was completed in the spring of 1982. Phase II is to be completed in February, 1984. The total project is estimated to cost approximately $4,188,542 of which $2,800,000 is to be paid through the issue of revenue bonds. We would like the project to be included in a revenue bond issue for permanent financing.

The addition will include space for an enlarged bookstore, student organizations, meeting rooms, game rooms, food service facilities, a coffee shop, an ice cream parlor, a theater, Pavilion XI (an entertainment facility), and lounge areas for student use. The current facility no longer meets the cultural needs of students because of the substantial growth in enrollment in recent years. The new facility will provide a central location which will serve as a focal point for student programs and activities outside of the classroom.

Payment of the debt will be from rental of space and a student fee to be assessed to each full time equivalent regular session student in the amount of $20 per session. The Bookstore, Food Services, and the game room are estimated to provide $177,000-$195,000 annually in rent and income for retirement of the debt. In calculating the debt payment schedules, we used 8.5% as our interest rate and extended the payment over 20 years. This resulted in coverage of approximately 110%.