Fairfield’s housing initiative is close to taking a step closer to reaching completion after the University applied for revenue bonds from the State of Connecticut on Tuesday.
The University has asked the state Health and Educational Facilities Authority to make profits available from the sale of $85,000,000 in bonds to make a loan to Fairfield.
A public hearing will be held on Wednesday, Feb. 17 at 10 a.m. at the authority’s office, located at 10 Columbus Boulevard in Hartford. The office is on the seventh floor. The public is allowed to make a brief statement at the hearing, but needs to submit notice at least 24 hours prior. A written comment may also be submitted to the authority by mail at the address above.
The University plans to use the money for the following:
- The design, renovation, construction, equipping and furnishing of the new Quad residence hall, the new apartment style building in the Village and three houses adjacent to the campus, which the University will purchase.
- The renovation and conversion of St. Ignatius Hall in to student housing and John C. Dolan Hall into an apartment building.
- The refunding of the University’s outstanding amount of the $10,265,000 Series H bonds issued in July 1998.
- Costs related to miscellaneous construction, renovation, improvements, equipment and furniture acquistion and installation at the University’s facilities.
- Funding a debt service reserve fund for the bonds.
- Paying capitalized interest with repsect to the bonds.
- Paying costs of issuance with respect to the bonds.
The University plans on purchasing three houses to be used to hold 15 students or faculty on North Benson Ave. at 1036, 1082 and 1052.
The Series H bonds were issued to pay for renovations that included Dolan Hall.
The renovations and additional buildings will result in the elimination of triples and should cost $60 million, according to Mark Reed, the Vice President of Administrative Services and Student Affairs.
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