FOR RELEASE: Immediate, Wednesday, July 23, 2003

Board Appoints New Deputy Executive Director

Michael Corrigan Replaces Phil Wood

ALBANY � The Board of the Dormitory Authority today appointed Deputy Chief Financial Officer Michael T. Corrigan as the Authority�s Deputy Executive Director.

Mr. Corrigan, 45, replaces Philip W. Wood, who resigned last week to become the State University of New York Construction Fund�s General Manager, its top executive.

Chair Gail H. Gordon said, �Mike�s financial expertise and his knowledge of Authority operations make him the ideal successor to Phil Wood, and the Board is confident that he will be an excellent Deputy Executive Director.�

As Deputy Executive Director, Corrigan will assist Executive Director Maryanne Gridley in the administration and operation of the Authority. Corrigan joined the Dormitory Authority staff in late 1995 as its Budget Director. He was promoted in the year 2000 to Deputy Chief Financial Officer.

�Mike�s performance has been exemplary in jobs that were particularly challenging, due to the growth and complexity of the Authority�s construction, finance and grant programs since 1995,� Ms. Gridley said. �Mike has been a key player in many issues facing the Authority, and I was pleased to recommend him for this promotion.�

With a $30 billion portfolio, the Dormitory Authority is the largest issuer of municipal bonds for public and private health and higher education capital programs in the nation, and routinely is among the country�s largest-volume issuers. The Authority also offers tax-exempt rates to its clients for equipment leases.

The Authority is also one of the nation�s top public building construction agencies, serving as the builder for the City University of New York, New York City Health and Hospitals Corporation, State University student housing programs, New York City court facilities, and the State Departments of Education, Mental Hygiene and Health. The construction office is managing more than 600 projects at this time, valued at more than $4.6 billion. During the most recent fiscal year, the Authority issued $4.1 billion in bonds and expended $900 million on construction projects under its management.

The Board today also passed a resolution acknowledging with thanks and appreciation Mr. Wood�s seven years of service to the Authority. Mr. Wood joined the Authority in 1995 as Director of Special Projects and became Deputy Executive Director in 1998. During Mr. Wood�s years as the No. 2 administrative official in the Authority, the construction program more than doubled and the Authority issued more than $27 billion in bonds.

The Board resolution noted, in part, that �Mr. Wood�s commitment to customer satisfaction, performance management, construction site safety, employee training and the Balanced Scorecard strategic initiative will aid in the long-term growth and improvement of the Dormitory Authority.�

For more information, contact Press Officer Claudia Hutton at (518) 257 3382, or CHutton@dasny.org.

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