At its quarterly meeting today, the board of trustees of Coastal Carolina University took steps to fund building and renovation projects that will enhance the institution's academic and student life programs.
The board approved a $92 million supplemental bond resolution that will be used to acquire property and fund the construction for a major new addition to the University's student resident facilities. The project includes four new residence hall buildings, to be constructed in two phases scheduled to be completed in 2015 and 2016. The new complex will be located on a 19.5-acre site known as the Elvington Property that is contiguous to the University's main campus. The four residence halls will house a total of 1,270 students.
The board also approved an additional $5 million for the proposed science annex. This three-story facility was previously approved by the board at a cost of $25 million, but subsequent studies have concluded that an additional $5 million will be necessary for the project. The science annex is scheduled to be built in 2014-2015.
The board approved $1 million for the renovation of the Jackson Student Center. This renovation complements a larger construction project that will add a major new $12 million annex to the student center. The combined buildings will provide a state-of-the-art facility that will significantly upgrade the level of amenities and programs for student life at CCU.
The board also authorized, at the request of the landlord, the termination of the lease of 8,600 square feet at the building in Litchfield on Willbrook Boulevard where CCU's Lifelong Learning classes have been held. The lease termination is conditional upon an agreement by the landlord to assist with the cost of moving to a new facility. Contingent upon this agreement, the board authorized the administration to enter into a lease agreement with the Litchfield Exchange Owners Association for 7,000 square feet of space.
Board approval was granted for an additional $1 million for the renovation of the Edward M. Singleton Building, built in 1963 and the campus' first building. The total estimated cost of the renovation project is $4 million. Approval was also granted for the second phase of the construction of a new central cooling facility at a cost of $1 million.
The board also received and accepted the institution's annual audit, prepared and presented by Cline Brandt Kocheower & Co., P.A. For the fifth consecutive year, CCU received a clean and unqualified opinion. The term "unqualified opinion" means that the institution's financial condition and operations are fairly presented in its financial statements and the auditor has no significant reservation respecting matters contained in the financial statements.