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Blinn financial advisor presents plan to fund new campus development

Sale of bank-qualified bond estimated to save Blinn $180,000 in interest and fees

October 20, 2015

Blinn College’s financial advisor presented the Board of Trustees with a plan to issue two bond sales for the development of a new Bryan West campus during Blinn’s regular board meeting Tuesday.

The plan calls for the sale of a $10 million bank-qualified bond in 2015 and a non-bank qualified bond in 2016. The sale of the bank-qualified bond would save the College approximately $180,000 in interest and fees compared to a stand-alone non-bank qualified issuance, Steven Adams, managing director of Specialized Public Finance, Inc., told the board. Bank-qualified bonds have a lower interest than non-bank qualified tax-exempt bonds, but are capped at $10 million per year.

The board will consider authorizing the $10 million bond sale at its November meeting. The bonds would be awarded to the winning bidder and closed in December. Blinn could then issue a non-bank qualified bond in spring 2016 once project costs are known.

In February, Blinn purchased 95 acres at the intersection of F.M. 2818 and Leonard Road in Bryan for the development of a second Brazos County campus. Blinn plans to develop this land into a 10,000–15,000 student campus to complement the College’s existing Bryan campus on Villa Maria Road. The additional campus will allow Blinn to develop additional science, technology, engineering and mathematics offerings and expand its workforce, technical, research and health-related education programs.

The Blinn board was presented with a preliminary glimpse of the Bryan West campus master plan last month. The draft, developed in partnership with Kirksey Architecture, includes a first-phase building designed to service 2,500 students, along with plans for associated amenities such as parking, security and recreational and study space.

The proposed plan calls for the multi-phased development of seven academic buildings, three amenity buildings and as many as 6,000 parking spaces, including more than 1,000 spaces in Phase 1 of the project.

As proposed, Phase 1 has a preliminary $35 million construction budget and would accommodate approximately 2,500 students with one amenity building and an academic building that would include eight labs and 18 classrooms. Phase 1 is scheduled for completion in time for the Fall 2017 semester.

For the latest information regarding the development of the new campus, visit www.blinn.edu/expansion.

About Blinn College
With an enrollment of 19,422 students, Blinn ranks among the nation’s leaders in transferring students to leading four-year universities and has received national recognition for affordable educational excellence. For more information, visit www.blinn.edu.