DASNY Issues $150 million in Low-Cost Bonds Supporting SUNY Residence Hall Projects
Central New York Region expected to receive over $2 million, including support for SUNY Cortland, SUNY Upstate Medical University, SUNY Morrisville
Investment Complements “Central New York Rising from the Ground Up” -- Region’s Successful Upstate Revitalization Initiative to Grow the Economy and Create New Opportunities
ALBANY, N.Y. (May 18, 2017) -- Gerrard P. Bushell, DASNY President & CEO, announced today that the Dormitory Authority of the State of New York and The State University of New York issued approximately $150 million in low-cost, tax-exempt bonds through DASNY’s SUNY Dormitory Facilities Program for residence hall capital projects across New York State.
The DASNY-SUNY financing partnership is expected to deliver more than $2 million to the Central New York Region, an investment that complements “Central New York Rising from the Ground Up” -- the region’s successful Upstate Revitalization Initiative plan to create new opportunities and grow a strong economy.
An approximately $800,000 portion of the financing is expected to support the final stages of the $8 million renovation of SUNY Cortland’s DeGroat Hall. The 146-bed residence hall has undergone its first major overhaul since it was built 65 years ago and re-opens to students in the fall. The hall now features a new service elevator, upgraded bathroom facilities, updated living spaces and kitchens were added to all lounges.
Another approximately $600,000 is expected to be applied to the initial stages of the $12 million renovation at SUNY Cortland’s Smith Hall. The financing is also expected to support a master planning initiative at SUNY Morrisville and parking facility enhancements at SUNY Upstate Medical University.
DASNY President & CEO Gerrard P. Bushell said, “DASNY is proud to partner with SUNY to deliver low-cost financing to develop and upgrade residence halls across Central New York. Best-in-class living and learning infrastructure achieved at low cost is paramount to New York’s ability to attract the best and the brightest students to keep the region rising from the ground up.”
SUNY Chancellor Nancy L. Zimpher said, “SUNY is happy with the excellent result of this bond sale, which will provide low-cost borrowing for the self-sufficient residence hall program. This will help maintain a safe, convenient, and affordable living environment for our students. We are pleased to, once again, provide this necessary financing in partnership with DASNY.”
SUNY Cortland President Erik J. Bitterbaum said, "We are extremely grateful for the assistance DASNY provides for these and many other SUNY Cortland projects. Their support has helped us transform the campus visually and enhance the safety and high quality of life enjoyed by SUNY Cortland students."
Morrisville State College President Dr. David E. Rogers said, “This is a great investment in Morrisville State College, allowing more students access to a quality, hands-on learning experience while joining our residential community. As a historic institution making critical contributions to New York State’s progress, we are pleased that this planning effort with DASNY will allow us to continue our mission of educating the next generation’s innovators and leaders."
SUNY Upstate Medical University President Danielle Laraque-Arena, MD, FAAP, said, "We appreciate DASNY’s action today in helping us to enhance our campus facilities in a cost-effective manner. Investing in upgrades and other improvements, whether to residence halls, patient care areas, academic buildings or parking facilities, are necessary to maintain a sound physical environment for our patients, students, visitors and employees.”
Central New York draws its economic strength from its highly educated workforce and the region’s concentration of colleges and universities. Enhancing the educational infrastructure, whether it be a modern, sustainable residence hall at SUNY Cortland or a parking garage at SUNY Upstate Medical University, advances the region’s Upstate Revitalization Initiative Plan. It helps attract the best and the brightest students to the region and keeps the region rising from the ground up. Central New York was awarded $122.4 million through Governor Andrew Cuomo’s Upstate Revitalization Initiative to further its smart investments in its cities, towns and villages.