Board borrows $25 million for expansion, maintenance
Jesse Woodrum
Issue date: 4/8/09 Section: News
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Champaign-based BLDD architects got the contract over 2 Chicago-based international firms. BLDD contributed the images Parkland has been using to promote the project on its website.
February 18, the board approved a resolution to issue $25 million in bonds to fund phase I of the three-phase Master Plan. Because the measure circumvents the vote a referendum would have required, the Board was mandated to notify the public in print and take petitions for a 30-day period before moving forward. Jody Littleton, Executive Director of Community Relations at Parkland, and Linda Moore, Vice President for Student Services each say the school received only a handful of letters in favor of putting the measure to a vote and a handful expressing desire to see the college expand.
The debt will ultimately be paid off by regional home owners. Literature on Parkland's website claims that paying back the debt from Phase I will cost owners of a $150,000 home $15 per year over 20 years for a total of $300. While this sounds minimal, the Master Plan has two more stages yet to be funded and some worry about it adding up quickly. A similar proposed bond sale for regional, public grade and high schools was approved by voters last Wednesday, and the state legislature is largely expected to pass a 50% state income tax increase.
Proponents of the Master Plan point out that the 40-year-old institution was designed to accommodate fewer than 10,000 students and that additions such as the D-wing are not enough to accommodate more than 20,000 students now taking classes at Parkland.
Parkland CFO Chris Randels says the bond sale is a common way for colleges, universities and even municipalities to fund building projects.
Littleton says parts of the building plan have been on a stalled list of state projects for years and went on to say former Governor Rod Blagojevich often flouted the list in favor of projects he preferred. Parkland officials don't know what to expect from the new administration in Springfield, and the college was not be included among the thousands of earmarks in recent federal stimulus legislation. Littleton says the college hopes to save money building during a down economy, when builders are more competitive for contracts.
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