The $57.5 million project in Salem, MA, cleared its final hurdle last week when the revenue bonds to finance the deal were sold by the Massachusetts State College Building Authority.
Although officials were optimistic the bonds would be issued, they also were concerned about closing the deal in the current economic climate on Wall Street.
"We were concerned we would not see the typical level of demand," said Ed Adelman, executive director of the state authority.
The Salem State building was part of a $113 million bond issue that covers projects at seven other state colleges. At Salem State, funds also will be used to install sprinklers and make repairs at the Bates residence hall.
Construction is expected to begin this spring on the 525-student residence hall on the college's central campus. The building also includes a large dining hall that will be shared by students at an adjacent dorm.
The new building is scheduled to be completed by the fall of 2010.
In related news, Salem State President Patricia Meservey sent a letter to Mayor Kim Driscoll last week explaining why the college, largely for financial reasons, cannot reduce the height of this new five-story hall.
Several weeks ago, Driscoll and Ward 7 Councilor Joe O'Keefe asked Meservey to consider a lower building to reduce its impact on neighbors. To see more of The Salem News or to subscribe to the newspaper, go to http://www.salemnews.com/. Copyright (c) 2009, The Salem News, Beverly, Mass. Distributed by McClatchy-Tribune Information Services. For reprints, email email@example.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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