Miami considers $500m dorm project

[StitchInTime]

<p>Via the [Cincinnati</a> Enquirer](<a href=“http://news.enquirer.com/apps/pbcs.dll/article?AID=/20080414/NEWS01/304140029]Cincinnati”>http://news.enquirer.com/apps/pbcs.dll/article?AID=/20080414/NEWS01/304140029):</p>

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Miami University appears ready to start building an $80 million student center and trustees are considering an ambitious $660 million plan to renovate or replace many of its residence halls over the next 30 years, starting with three new dorms by 2012.</p>

<p>Combined, the construction project could add more than $115 million in debt to Miami’s balance sheet in the next four years.</p>

<p>MU trustees considered the projects last week and could approve both over the next several months.</p>

<p>Like many public universities in Ohio, Miami needs to find a way to finance new construction and renovations, but still finds its financial picture increasingly constricted.</p>

<p>The school this year cut $3 million to balance its $350 million operating budget, with increased expenses including $1 million more for higher coal costs. It will have to cut at least $3 million next year, President David Hodge told trustees Friday.</p>

<p>Gains in market investments have helped Miami build cash reserves of nearly $14 million.</p>

<p>But the building program looms. </p>

<p>If it is approved, construction would increase total debt from $258 million now to $375 million by 2012 before leveling off, according to the administration’s forecast…

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