 | Board of Visitors minutes March 21, 1986 |  |
Exhibit B
UNIVERSITY OF VIRGINIA
Feasibility Study for North Grounds Recreational Facility
Prepared by the University Budget Office
In Conjunction with the Vice President for Student Affairs
and the Department of Athletics
December 22, 1983
UNIVERSITY OF VIRGINIA
North Grounds Recreational Facility
Project Description
The University is planning construction of a recreational facility located on the North Grounds of the University. This facility would serve the approximately 2300 students attending classes and living on North Grounds. These students currently must travel several miles to use already crowded recreational facilities. The proposed center will compliment the Memorial Gym and Slaughter Recreation Center facilities on the Central Grounds. We have requested approval of the total project by the General Assembly and we would like the project to be included in a revenue bond issue for permanent financing.
The facility is expected to be completed in June, 1986, at a total cost of $3,079,100, including outside utilities. Revenue bonds will be used to finance $2,579,100. Student fees will pay for the debt service and operating costs of the facility, which total $350,000 per year. Students currently pay $12 per year for debt service on the Slaughter recreational facility which will be paid off in 1984. This fee will be increased to $18 per year and supplemented by $104,000 per year in student commons fees.
The recreational facility is needed to serve the North Grounds residents and graduate students as well as some 2600 students living off-grounds to the North and West of the University. The State guidelines for determining space needs indicate that the 1980-82 FTE enrollment of 14,431 students allows the University to have 144,310 square feet of physical education space. The total inventory of net assignable square feet for this purpose is currently 113,503. This allows the University to build a facility that has a net assignable square footage area of 30,807. The proposed facility is within the State guidelines.
The attached debt service schedule is calculated at 9% covering 20 years with 110% coverage of the debt service payments.
UNIVERSITY OF VIRGINIA
North Grounds Recreational Facility
Estimated Net Annual Revenue Available for
Debt Service on $2,579,100 Bond Issue
| Estimated Revenues | |
| Full Time Student Fees 15,000 x $18/yr. | $270,000 |
| Part-Time Student Fees 1,000 x $3/yr. | 3,000 |
| Student Commons Fees (See Note A) | 104,000 |
| -------- | |
| Total Estimated Revenues | 377,000 |
| Estimated Expenditures | |
| Personal Services | 40,000 |
| Other Operating Expense | 25,000 |
| -------- | |
| Total Estimated Expenditures | 65,000 |
| -------- | |
| Total Net Revenues | $312,000 |
Note A: The current student fee structure includes an amount which is being applied to the construction of Newcomb Hall and the Student Activities Building. Beginning in 1985-86, a portion of the existing fees in the amount of $104,700 will be available for application to the debt service requirements of the North Grounds Recreational Facility.
Office of Budget and Planning December 22, 1983
UNIVERSITY OF VIRGINIA
DEBT SERVICE SCHEDULE
NORTH GIOUNDS RBC FACILITY & OUTSIDE UTILITIES
INTEREST RATE 9 %
| YEAR | REMAINING PRINCIPAL | PRINCIPAL PAYMENT | INTEREST PAYMENT | TOTAL DEBT SERV PAYT | REVENUE | COVERAGE |
| 2,579,100.00 | ||||||
| 1985 | 2,529,100.00 | 50,000.00 | 232,119.00 | 282,119.00 | 312,000.00 | 1.11 |
| 1986 | 2,474,100.00 | 55,000.00 | 227,619.00 | 282,619.00 | 312,000.00 | 1.10 |
| 1987 | 2,414,100.00 | 60,000.00 | 222,669.00 | 282,669.00 | 312,000.00 | 1.10 |
| 1988 | 2,349,100.00 | 65,000.00 | 217,269.00 | 282,269.00 | 312,000.00 | 1.11 |
| 1989 | 2,279,100.00 | 70,000.00 | 211,419.00 | 281,419.00 | 312,000.00 | 1.11 |
| 1990 | 2,204,100.00 | 75,000.00 | 205,119.00 | 280,119.00 | 312,000.00 | 1.11 |
| 1991 | 2,119,100.00 | 85,000.00 | 198,369.00 | 283,369.00 | 312,000.00 | 1.10 |
| 1992 | 2,029,100.00 | 90,000.00 | 190,719.00 | 280,719.00 | 312,000.00 | 1.11 |
| 1993 | 1,929,100.00 | 100,000.00 | 182,619.00 | 282,619.00 | 312,000.00 | 1.11 |
| 1994 | 1,819,100.00 | 110,000.00 | 173,619.00 | 283,619.00 | 312,000.00 | 1.10 |
| 1995 | 1,699,100.00 | 120,000.00 | 163,719.00 | 283,719.00 | 312,000.00 | 1.10 |
| 1996 | 1,569,100.00 | 130,000.00 | 152,919.00 | 282,919.00 | 312,000.00 | 1.10 |
| 1997 | 1,429,100.00 | 140,000.00 | 141,219.00 | 281,219.00 | 312,000.00 | 1.11 |
| 1998 | 1,274,100.00 | 155,000.00 | 128,619.00 | 283,619.00 | 312,000.00 | 1.10 |
| 1999 | 1,104,100.00 | 170,000.00 | 114,669.00 | 284,669.00 | 312,000.00 | 1.10 |
| 2000 | 919,100.00 | 185,000.00 | 99,369.00 | 284,369.00 | 312,000.00 | 1.10 |
| 2001 | 719,100.00 | 200,000.00 | 82,719.00 | 282,719.00 | 312,000.00 | 1.10 |
| 2002 | 499,100.00 | 220,000.00 | 64,719.00 | 284,719.00 | 312,000.00 | 1.10 |
| 2003 | 259,100.00 | 240,000.00 | 44,919.00 | 284,919.00 | 312,000.00 | 1.10 |
| 2004 | 0.00 | 259,100.00 | 23,319.00 | 282,419.00 | 312,000.00 | 1.10 |
| TOTAL | 2,579,100.00 | 3,077,730.00 | 5,656,830.00 |
| Board of Visitors minutes March 21, 1986 | |