Southeast regents consider new residence hall funding

The Southeast Missouri State University Board of Regents is scheduled to vote today to fund a new residence hall on campus.

During today's meeting, the board will consider approving a resolution to issue $29 million of system facilities revenue bonds to fund construction of the hall at the north end of campus.

University president Dr. Ken Dobbins said the board will be given an update on the look of the new residence hall and also decide which of three options is best for upgrading the north chiller plant on campus. Changes to the plant would be needed to accommodate the extra load that accompanies adding a residence hall.

The first option would include replacement of two existing chillers at a cost of $3.2 million. The second option would be to construct a new 500-ton chiller plant near the Show Me Center at a cost of $3.6 million. The third option would be to construct a new 1,000-ton chiller plant and boiler plant near the Show Me Center at a cost of $5.7 million.

Dobbins said he believes the third option would be the best choice to handle growth on the north end of campus.

The four-story residence hall with 262 student beds is planned to be constructed on an existing parking lot on the east side of Greek Drive north of the Seabaugh polytechnic building. Opening is scheduled for the fall of 2013. The board approved in October the feasibility of construction for the hall and issued two resolutions on the intent of the university to issue bonds for construction.

Dobbins said the bonds were placed on the market this week for presale and have already shown promise. By his estimate, the rate at which the bonds are selling means most or all of the bonds could be sold by the end of the week. He said the quick sale of the bonds shows that the university is being viewed as an institution in good financial condition.

The board will also consider approving the university's annual audit for 2011. Dobbins said the audit also shows the university is in good standing financially, helped in part by strong enrollment during the past few years.

A new member to the board of regents will be sworn in at the meeting. Kendra Neely-Martin, a pharmaceutical sales representative and not-for-profit marketing instructor from St. Louis, was recently appointed to the board by Gov. Jay Nixon for a five-year term. She will replace Reginald Dickson whose term expired earlier this year.

The board will meet in open session at 2 p.m. in the University Center ballroom.

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