The Oregon State University Board of Trustees last week approved a 10-year, $1.667 billion forecast of potential new university facilities and improvements to existing buildings around the state.
One goal of the forecast is to invest in the renewal of older university buildings to improve seismic resilience and accessibility.
Trustees also approved issuing $140 million in revenue bonds this year and another $78 million of revenue bonds during the 2025-26 fiscal year to fund the cost of future construction projects. University leaders proposed the bond approval at this time to take advantage of attractive current bond interest rates. Proceeds from these bonds would be used for future capital construction planned by OSU and would be supplemented with revenues from state bonds, fund-raising contributions from donors, university funds and other revenues, such as resources from possible public-private partnerships.
At OSU's Corvallis campus, the 10-year capital plan includes investing in 13 building renovations, and the construction of two new STEM (science, technology, engineering and mathematics) education and research buildings, an arts and education complex, the Oregon Quality Food and Beverage Center, and several housing and athletics projects, including improvements to the softball complex.
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At OSU-Cascades in Bend, the plan calls for land reclamation and campus development work, including construction of three academic and research buildings, a student housing building, a physical plant facility, a solar energy farm, and a health and recreation center.
The plan also calls for investments in a wave energy test facility that OSU is developing between Newport and Waldport and that is funded by a $40 million federal grant and additional state funds.
The board’s Finance & Administration Committee on Thursday heard a report about OSU’s budget planning and a preliminary tuition outlook for the 2019-20 fiscal year. The report outlined challenges the university faces due to uncertainty in state funding beginning July 1; increases in the cost of state employee benefits; and anticipated declines in undergraduate student enrollment in Corvallis.