The Board of Governors at Missouri Western State University has authorized a bond issue of up to $15 million. The bond issue includes $5.5 million to fund the renovation of Spratt Memorial Stadium, up to $7.66 million to refinance a 2010 bond issue, and any applicable bond issuance costs.
The project to improve Spratt Stadium was initially approved by the board last November. The board awarded a contract of approximately $7 million to E.L. Crawford on April 27 and construction began earlier this month. The stadium project includes the demolition of the existing concourse, concessions area, restrooms and press box; construction of a new concourse, concessions area, restrooms, press box and club level, including suites; repairs and improvements to the home grandstand seating; removal of the old track and relocation of the field closer to the home stands; relocation of the visitors’ side grandstands to be closer to the relocated field; and new field turf.
The 2010 bond issue is itself a refinance of a 1998 bond issue, which in turn refinanced earlier bond issues to fund housing and recreation construction in the early 1990s and funded an expansion of the Blum Student Union. The refinancing will allow the university to achieve interest savings and bonding flexibility. The university may elect not to refinance the full amount of the outstanding bonds, because interest rates have been slowly rising. The resolution provides flexibility to make the final decision when rates are locked in next month.
The finalized bond purchase agreement is expected to be put before the Board of Governors at their next regular meeting June 25.
Missouri Western State University is a comprehensive regional university providing a blend of traditional liberal arts and professional degree programs. The university offers student-centered, high quality instruction that focuses on experience-based learning, community service, and state-of-the-art technology. Missouri Western is located in St. Joseph, Mo., and is committed to the educational, economic, cultural and social development of the region it serves. Visit www.missouriwestern.edu.