I mentioned earlier this week that Penn State had recently borrowed $170 million dollars. According to Bloomberg the money was to be used for the law school building and a new student health center, but the total for the new law school building is $60 million and the new health center is budgeted at $26 million. For those you who can add that's $86 million. Where is the University using the other $84 million?
For the record, here is the financial breakdown on the law school construction from the Carlisle Sentinel.
One possibility is that the University not only borrowed for construction of the new law school building at University Park, but also borrowed for the renovation to Trickett Hall in Carlisle. The total cost of construction at University Park and Carlisle is $110 million. Again, pull out those calculators. This adds up to $136 million which leaves $34 million unaccounted for.
If the latter is the case, then the University will repay $40 million of the debt, which is the cost of the Trickett Hall renovations minus the $10 million the University is kicking in for those renovations, from private donations and state monies. The remainder would be paid back from tuition dollars.
Exactly how is the University is using its recently borrowed money? I'll continue to dig and see what I can find. In the mean time, should any of my readers have any idea of what's going on here, let everyone know in comments.
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For the record, here is the financial breakdown on the law school construction from the Carlisle Sentinel.
The final project budget for the Carlisle building project will break down as follows: Penn State contributes $10 million; private donors, including Katz, Montague and others, contribute $15 million; and the state contributes $25 million in matching funds.
Anything leftover from Katz’s and Montague’s gifts will go to the law school’s endowment, officials said.
Penn State is spending $60 million on the building in State College.
One possibility is that the University not only borrowed for construction of the new law school building at University Park, but also borrowed for the renovation to Trickett Hall in Carlisle. The total cost of construction at University Park and Carlisle is $110 million. Again, pull out those calculators. This adds up to $136 million which leaves $34 million unaccounted for.
If the latter is the case, then the University will repay $40 million of the debt, which is the cost of the Trickett Hall renovations minus the $10 million the University is kicking in for those renovations, from private donations and state monies. The remainder would be paid back from tuition dollars.
Exactly how is the University is using its recently borrowed money? I'll continue to dig and see what I can find. In the mean time, should any of my readers have any idea of what's going on here, let everyone know in comments.
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