USDA finances LBWCC housingPublished 12:03am Friday, February 8, 2013
Members of the LBW Community College Foundation board and its development partner, Cubed, LLC, are dotting the final I’s and crossing final T’s after receiving official notification Thursday that the U.S. Department of Agriculture will finance a campus housing project.
The USDA is loaning the Foundation $2.8 million to build housing for 96 students in Andalusia. The loan terms are for 30 years at 3.125 percent.
Kent Campbell of Cubed, LLC, said earlier this week he hoped to break ground in two weeks. Thursday, he said all he needs is the USDA’s final approval of its construction plan, and an official meeting of the Foundation board for contract signing.
“Right now, it looks like we’ll have loan closing on Fri., Feb. 15, or early the following week,” he said. “Then we’ll be pushing like crazy to get done.”
Campbell said construction of the 24-unit complex will take 180 days. He expects it to be ready for students this August, for the fall term.
“The USDA loan makes it possible for the Foundation to make this new type of investment in student success,” said Jennifer Curry, immediate past president of the LBWCC Foundation and foundation representative for the project. “These apartments will bring more of a true collegiate experience for students. They will be able to walk to classes, participate in campus activities, and enjoy the atmosphere of college life.”
Future revenue of apartment rentals will also help grow scholarship funds, thus providing even more students educational opportunities, she said.
LBWCC President Dr. Herb Riedel said he is proud of the efforts of the Foundation to create new services for students that will allow for growth of College programs, while representing a sound financial investment of Foundation assets.
“In the past, the Foundation invested its assets exclusively in stocks and bonds, although income producing real estate is allowed by its by-laws,” he said. “In this case, the investment not only promises good returns, which will fund additional student scholarships every year, but it also advances the College’s strategic goals.”