This week, the Regents will authorize USD to use $191,000 annually from HEFF (Higher Education Facilities Fund) to cover a shortfall in bond payments for the roof on the DakotaDome. Students at all of the Regental campuses contribute to HEFF, which is intended to pay for academic buildings. HEFF payments for the dome roof will continue through 2024.
The roof replacement was authorized by the Regents in 1998, with the specific provision that no HEFF dollars be expended. State taxpayers put in $4 million of the approximately $12.5 million price tag.
USD said then that they could cover the rest through energy savings and general activity fees paid by students. They overestimated the energy savings.
Now SDSU students will be paying 40 percent or so of that $191,000 each year to repay the debt on the dome roof. The total commitment of HEFF funds for the Dome roof will total nearly $2.5 million between 2012 and 2024 when the thing will finally be paid for.
The Regents did the right thing when they approved the project only if HEFF money was not used. Now they have no choice, because of a $2.5 million mistake by USD, but to find a way to cover the payments.
Here's the documentation:
http://www.sdbor.edu/theboard/agenda...MB0511IIIA.pdf
The roof replacement was authorized by the Regents in 1998, with the specific provision that no HEFF dollars be expended. State taxpayers put in $4 million of the approximately $12.5 million price tag.
USD said then that they could cover the rest through energy savings and general activity fees paid by students. They overestimated the energy savings.
Now SDSU students will be paying 40 percent or so of that $191,000 each year to repay the debt on the dome roof. The total commitment of HEFF funds for the Dome roof will total nearly $2.5 million between 2012 and 2024 when the thing will finally be paid for.
The Regents did the right thing when they approved the project only if HEFF money was not used. Now they have no choice, because of a $2.5 million mistake by USD, but to find a way to cover the payments.
Here's the documentation:
http://www.sdbor.edu/theboard/agenda...MB0511IIIA.pdf
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