News

Home  |  News and Events  |  News  

LCCC board seeks bond election to fund two new buildings

Thursday, August 22, 2013
A special election will take place Nov. 5.
 
The Laramie County Community College board of trustees voted unanimously Wednesday night to move forward with a special bond election to fund two new buildings on the LCCC campus. The college hopes to build a flexible industrial technology building to better serve the growing need for skilled workers in the community; as well as a student services, instruction and university center to provide, in addition to other services, structured support to students and help at every step of the college process.

The election will take place Nov. 5. Currently, LCCC’s proposal will be the only item on the ballot.

Laramie County residents will be asked to grant approval to the college to issue general obligation bonds totaling no more than $25 million. These bonds will have a maximum interest rate of 5.50 percent per year and will last no longer than 15 ½ years. The bonds would be paid for by a two-mill property tax increase.

LCCC President Joe Schaffer says now is the perfect time for these projects, due to the need for more instructional space on campus and low interest rates. He says the estimated cost to homeowners or business owners will be $1.58 per month for each $100,000 in property value.

The bonds represent roughly half the cost of the two buildings. The flexible industrial technology building is expected to cost $14 million, and the student services, instruction and university center will cost $30 million. Should the bond initiative pass in the election, the balance of the funding for these buildings will be requested from the Legislative Capital Construction Appropriation, grants and private donations.