UC Merced sets billion-dollar boom in motion
The University of California at Merced is announcing a $1.142 billion expansion deal that breaks new ground in public-private partnerships, paving the way to a 10,000-student campus.
The developer consortium and design details will be unveiled Wednesday for the UC Merced 2020 Project, which will frame the campus entry and double its footprint over the next four years. The project, expected to start construction this fall, is seen as an interim step as the university moves toward an eventual 25,000-student goal.
Under terms approved by the UC Board of Regents, the state will pay about two-thirds of the cost, $600 million from bonds and $157 million from UC Merced funds. The private consortium will put out the remaining third, $386 million, recouping the investment over 35 years of $51 million payments. The university will own the facilities and the land from the start.
The deal will be the largest public-private partnership of its kind in the U.S. higher education sector, notes a UC Merced news release, calling it a model for expanding public research universities in leaner times...
Full story at: http://www.modbee.com/news/local/education/article83836482.html
Media release: http://www.ucmerced.edu/news/2016/campus-announces-major-expansion
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