With the bond election failing in November, Laramie County Community College is still looking for ways to build a new residence hall.
“We always knew that if there was one project that could stand alone, that it would be the residence hall,” President Dr. Joe Schaffer said.
Students pay to live in the residence hall, and that generates money to essentially cover the debt to pay for the residence hall.
The cost of the project is approximately $29 million and LCCC has decreased the gap to $3 million to fill for construction.
“With the cost of construction, we couldn’t close this gap and we would have had to charge students more than they are willing or able to pay to generate enough revenue to cover the cost of construction,” Schaffer said.
One option would be to shorten beds and space; however, that revenue from the shortened space isn’t there.
“We need to find a way to build it cheaper, we need to either extend the time we are going to pay it off, we charge students more or find cheaper capital,” Schaffer said.
One option that the board is considering is to use the State of Wyoming Public Purpose Investment Fund. This could potentially consist of a low interest or simple interest loan.
Another option is RFP to Banking Industry for a straight Loan. According to documents from the board retreat, this possibility could be cheaper than lease revenue bonds.
LCCC has also considered extending the debt cycle to 30 years or looking into the Public, Private Partnership.
“Right now, we are exploring those options and seeing which one would work best for us,” Schaffer said.