BLINN TRUSTEES AUTHORIZE BOND ISSUANCE FOR NEW SCIENCE BUILDING IN BRENHAM
The Blinn Board of Trustees approved the sale of approximately $30 million in bonds for the development of a new science facility on the Brenham campus.
Funds from this sale will go toward the design and construction of a new Science, Technology, Engineering, and Innovation Building, which will include classrooms, laboratories, and administrative facilities.
The winning bid went to Robert W. Baird and Co. at a 3.13 percent interest rate, over 25 years. The debt service on the bonds, using the bid from the winning bidder, will be about $1.72 million per year. According to Steven Adams, Managing Director at Specialized Public Finance, compared to previous estimates, this will lead to about $200,000 less per year in debt service. In turn, that will lead to almost $5 million less in total interest paid.
Adams said the interest rate from Robert W. Baird and Co. is the result of about 20 or 25 firms getting together to bid on the bond issue; he said most of the other bids submitted were “solo bidders”.
The bond amount purchased by Robert W. Baird and Co. comes out to $29,125,000, in addition to a premium bid adding $878,000. Adams said this is so the firm can get more cash flow over time.
Adams said the expected closing and delivery date for the bond proceeds to be delivered to construction funds is May 15th.
Longtime trustee Atwood Kenjura said one of the first classes he ever attended at Blinn was at the current science building, which is now 57 years old. Trustee David Sommer said he believed there was nothing needed more on the Brenham campus than this new facility.
Also in session, the board agreed to begin negotiations with PBK Architects for design and construction of the new science facility. Blinn Chancellor Dr. Mary Hensley said potential site locations have been discussed in Brenham’s campus advisory and real estate committees, but the College would like to consult with the architect before a final recommendation is made.
In other business, the board moved to award contracts to:
- Madison Construction, LP, for Brenham campus site improvements. The contract is for $993,500, which includes base and alternate bids. Improvements include replacing campus lighting, sidewalks, and a retaining wall.
- SKG, for furniture in the W.L. Moody, Jr. Library, which is currently under renovation. The contract is for $283,330.
- Marek Brothers Construction, Inc., for parking, grading, and drainage improvements at the RELLIS Campus. The contract is for $534,990.
- Conlee-Garrett Moving and Storage, for moving services related to the relocation of Blinn programs from the Texas A&M Health Science Center to the RELLIS Academic Complex on the RELLIS Campus. The contract is for $68,370.