TRCC combining funding for new Kennett center | News
POPLAR BLUFF, MO (KFVS) - Three Rivers College is planning to use a mixture of funding sources to build a new center in Kennett, Missouri.
According to college officials, the center will be built on the 36 acres of land donated to the college by Emerson Corporation.
Officials say the school was recently approved to receive a $1.675 million grant from the State Emergency Management Agency to be used to build an 11,640 square-foot safe room on the property at 500 North Morrow Street.
According to the college, the safe room will provide space for eight classrooms, but Three Rivers wants to do more in Kennett, said Three Rivers College President Dr. Devin Stephenson.
So the college is moving forward with plans to use the sale of Donor Secured Bonds to raise an additional $2.1 million to increase the size of the proposed Three Rivers Center at Kennett to a 22,700 square foot state-of-the-art center that will include 15 classrooms, a library, bookstore, offices and new parking lot, according to Stevenson.
At a meeting in August the Board of Trustees approved selling donor secured bonds to provide the college funds for construction projects.
Officials say bond purchasers must make a cash donation to the Three Rivers Endowment Trust, equal to or greater than the amount of bonds they wish to purchase.
The plan is to issue the bonds in two phases, according to Emily Parks, Three Rivers Director of Development and Executive Director of the Three Rivers Endowment Trust.
In October 2012, $5.4 million in bonds will be sold and $5.4 million in donations received to begin construction of a classroom building on the main campus in Poplar Bluff and an Eastern Campus Sikeston.
Parks says during the second phase in spring 2013, the college will issue $7 million in bonds and acquire $7 million in donations to complete construction of the Poplar Bluff and Sikeston projects and begin construction of a new center in Kennett.
“This is an innovative way to finance the increased capacity that Three Rivers needs to accommodate our tremendous growth.” Stephenson said. “The bond purchase/donation will benefit both the college and donors.”
According to the Parks, bond purchasers will get the satisfaction of supporting Three Rivers through a donation and also receive a good return on investment from the bonds.
“The college will benefit by being able to more quickly start construction on new buildings to increase capacity that will allow us to better meet the demand for high quality, affordable education in southeast Missouri,” Stephenson said.
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