PLU Upgrading Residence Halls With $10 Million Bond
Pacific Lutheran University will save millions of dollars in interest on upgrades to three residence halls, thanks to bonds issued July 10 by the Washington Higher Education Facilities Authority.
The upgrades will include structural and efficiency renovations to Stuen Hall, Ordal Hall and South Hall.
“This bond sale provides critically needed funding to renovate well-built and well-used residence halls on the Pacific Lutheran University campus,” said Sheri Tonn, Vice President for Finance and Operations.
Renovations to Stuen Hall and Ordal Hall, built in 1966 and 1967 respectively, will include remodeled bathrooms and kitchens, new double-pane windows and sprinklers, and seismic upgrades funded through a federal grant. Each room also will have swipe-card access. The university also will replace the plumbing in South Hall, which was built in 2000.
Stuen Hall will be ready for occupancy for Fall 2014. Among the improvements:
• Card-swipe access on resident room doors
• Energy-efficient windows
• New movable desks and chairs in each room
• Overhead lighting in resident rooms
• Fully renovated bathrooms with increased privacy and heated floors
• New common-area furniture
• The main-floor kitchen will double in size and open onto the main lounge.
Ordal Hall will be taken offline next summer, with occupancy scheduled for Fall 2015—the same time the plumbing work to South Hall will be complete.
This bond issue is estimated to save the university $4.72 million over the life of bond.
“We are very proud to be a partner with the university on the renovation and expansion of their student housing and are always very pleased that we can play a part in generating significant savings to the university and its students,” said WHEFA Board Secretary Tom Johnson.
Since 1983, the Washington Higher Education Facilities Authority has helped the state’s private, nonprofit colleges access more than $2.5 billion in tax-exempt financing for projects such as student housing, academic and administrative buildings, sports and music facilities, and computer systems. WHEFA’s ability to obtain lower interest rates through the sale of tax-exempt bonds has saved Authority borrowers millions of dollars—a savings ultimately passed on to students.