Thursday, December 3, 2020 1:00 p.m.
MINUTES *****
Regent Barfield, called the meeting to order at 2:45 p.m.
Regent Mindy Barfield, Chair
Regent Elaine Farris
Regent Paul Harnice
Regent Dalton Jantzen
Regent Roger Reynolds
Quorum was established.
Present Present Present Present Present
MOTION by Regent Farris:
Move the Committee to adopt the agenda of the December 3, 2020 Finance and Administration Committee Meeting with an amendment to state that the approval of the CRM contract is actually a discussion item and will be voted by the full Board.
Seconded by Regent Harnice and passed without dissent.
Discussion of CRM Contract
President Brown addressed the Board with statements regarding the CRM Contract. He stated that new dorms would help with occupancy levels on campus and will bring in additional revenue. KSU will be required to fill the new residence before the legacy dorms, generating $2.8 million in revenue for fall and spring. The room rate for the dorms is $875 per month, which is still lower than rates for dorms at other CPE institutions. President Brown clarified that there will be no payments on the lease until the dorms are built and occupied and income would accrue before the dorms are built due to the bonds being sold before construction begins. Some of the existing dorms need significant repair and renovation and under the master plan, two of the old residence halls will be repurposed as academic spaces. While the legislature is not willing to approve allocations for new buildings, it is willing to consider funding the renovation of old buildings into academic spaces.