DASNY Issues $150 million in Low-Cost Bonds Supporting SUNY Residence Hall Projects
North Country Region expected to receive over $19 million, including support for SUNY Plattsburgh, SUNY Canton, SUNY Potsdam
ALBANY, N.Y. (May 17, 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 $19 million to the North Country. Approximately $9 million would support initial stages of the $15 million renovation of Macomb Hall at SUNY Plattsburgh. The 191-bed hall will be brought up to current standards, codes and regulations in time for students to move in for the 2018 fall semester. Approximately $10 million would support renovations planned for SUNY Plattsburgh’s Wilson and Whiteface Halls, as well as restoration efforts at SUNY Canton and SUNY Potsdam.
Gerrard P. Bushell, DASNY President and CEO, said, “The cornerstone of New York’s economy is a highly educated work force. DASNY’s partnership with SUNY to deliver low-cost financing ensures students in the North Country will be provided exceptional environments to live and learn.”
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 Plattsburgh President John Ettling said, “The bonds made available through DASNY are critical, helping us upgrade our facilities and offer our students the best possible on-campus living experience. SUNY Plattsburgh has been aggressively renovating our housing, taking one residence hall offline each academic year for major upgrades. These projects focus on enhanced student experiences, energy efficiency and equipping buildings with the latest technology. Macomb will be the eighth residence hall renovated in our 10-year capital plan. SUNY residence halls must operate without support from taxpayers or tuition.”
SUNY Canton President Zvi Szafran said, “Upgrades to our residence halls have greatly enhanced students’ learning experience on our campus. These renovations also coincide with the expansion of our degree programs, which will allow us to grow to meet both our – and New York State’s - future needs.”