The aforementioned document, when approved, authorizes the University to execute the documents necessary to enact the financing plan, previously approved, and prepared by the developer, CRM, and reviewed by Johnson Bowman Branco, LLP and Kentucky State University Counsel.
In addition to the Resolution document itself, the packet which the University has authorization to execute is composed of supplemental and required project documents that will allow the University to complete the construction project. The Resolution grants the University authority to execute the construction, stated as follows: “… to execute and deliver all necessary and appropriate documents, certificates, and closing papers and to take any and all necessary actions required incident to authorization, sale, issuance, and administration of the [project].”
As noted above, the Resolution, with appropriate attachments, have been created distributed, and will be appropriately filed upon completion of the Board action in accordance with KRS 164A. 565. These documents will be filed with the Kentucky Finance and Administration Cabinet, which encompasses the Division of Real Properties and the State Risk and Insurance Services, the Office of the Kentucky State University Board of Regents, Johnson Bowman Banco, LLP, CRM Companies, and the Office of General Counsel at Kentucky State University.
Goal 1: Enhance Student Enrollment, Improve Student Life and Engagement, and Improve Student Advising and Career Development.
Goal 2: Achieve Academic Excellence Across all Programs and Colleges, Increase Student Advising and Career Development.
Goal 3: Increase the University's Financial Strength and Operational Efficiency.
PROGRAM IMPLICATIONS: The new student housing facility will be a tool to retain and to recruit tool students for the University and allow the University to offer a brand new and upgraded facility to University Students.
FISCAL IMPLICATIONS: CRM Development Company will maintain and operate the building and grounds for the life of the lease via a special purpose LLC named KSU Campus Housing LLC. The project will be financed through the issuance of tax-exempt Certificates of Participation with a term of 35 years supported by an inter-agency agreement with the Finance and Administration Cabinet. The University has the authorization needed to execute all project documents to complete the actions leading to the construction of the new residence hall.