2011OFA-0488

January 24, 2011

FROM:

Linda Miller

 

Sarah Bourne

Alan Shepard

   

SUBJECT:

Estimated Debt Service Savings from Education Bonding Moratorium

You asked for the estimated debt service savings that would result from a moratorium on school construction grants-in-aid, the CSUS 2020 Program and the UConn 21st Century Infrastructure Renewal Program.

The estimates are as follows:

1. A moratorium on school construction grants-in-aid for projects that would be approved during the 2011 legislative session would result in no savings in FY 12 and a debt service savings of about $ 9. 5 million in FY 13. The estimate is based on: (a) a school construction priority list of $ 516 million for the 2011 legislative session, (b) an estimated 55% of the priority list will be funded by the state (about $ 284 million), (c) all projects will be in the planning phase in FY 12 so no state funds will be paid out, and (d) about one-third or $ 95 million of the fund would be allocated in FY 13 to cover the state's share of the construction costs.

2. We asked the University of Connecticut to provide us with the projected cost for UConn 21st Century infrastructure projects that had not yet begun construction. Although the list we received (see below) shows the estimated cost for these projects, it does not indicate when the projects are scheduled to begin construction. Without this information, we are unable to calculate the FY 12 or FY 13 debt service savings that would result from delaying the projects. We have therefore requested this additional information from the University and will provide it to you along with our estimate of the debt service savings.

UCONN 2000 Project Status - 1/3/11

Project

Total Phase III UCONN 2000 Funding

Planning/Design

Avery Point Campus Undergraduate & Library Building

12,800,000

Architect Selected

Beach Hall Renovations

8,000,000

Architect Selected

Biobehavioral Complex Replacement

5,000,000

Architect Selected

Bishop Renovation

6,000,000

Not funded until FY12

Engineering Building

60,500,000

Architect Selected

Fine Arts Phase II

23,000,000

 

Floriculture Greenhouse

5,000,000

Architect Selected

Gant Building Renovations

93,600,000

Architect Selected

Heating Plant Upgrade

30,000,000

Not funded until FY12

Koons Hall Renovation/Addition

7,000,000

Architect Selected

Manchester Hall Renovation

6,000,000

Not funded until FY12

Mansfield Training School Improvements

8,500,000

Architect Selected

North Hillside Road Completion

8,200,000

Engineer Selected

Old Central Warehouse

2,126,000

 

Psychology Building Renovation/Addition

22,500,000

Architect Selected

Storrs Hall Addition

14,000,000

Architect Selected

Student Health Services

2,000,000

Not funded until FY18

Support Facility (Architectural & Engineering Services)

500,000

Not funded until FY18

Torrey Renovation Completion & Biology Expansion

85,000,000

Not funded until FY12

Young Building Renovation/Addition

15,000,000

Architect Selected

CLAC Renovation Biosafety Level 3 Lab

15,000,000

Design 35% complete

Main Building Renovation

77,639,150

Design 50% complete

Support Building Addition/Renovation

100,000

 

UCHC New Construction and Renovation

207,000,000

Not funded until FY12

Planning & Design Costs

25,000,000

Architect Selected

3. A moratorium on bonding for the CSUS 2020 infrastructure renewal program for FY 12 and FY 13 would result in debt service savings of $ 2. 3 million in FY 12 and $ 11. 7 million in FY 13. The estimates are based on the fact that the CSUS 2020 program provides $ 95 million per year and assumes that the bonds would be issued before December of each fiscal year so there would be one debt service payment in the fiscal year that the bonds were issued. The debt service estimates assume that the bonds are issued at a 5. 0% interest rate for a term of 20 years.

The table below shows the projected timetable for CSUS 2020 projects:

CSUS 2020 Projected Timetable as of November 30, 2010

 

 

 

Phase I

Phase I

Phase II

Phase III

 

 

 

 

Estimated

Fiscal Years

Fiscal Year

Fiscal Years

Fiscal Years

Scheduled

 

 

 

Total

1 & 2

3

2012 -2014

2015 -2018

Construction

 

Campus

Project or Program

Project Cost

Funding

(not yet funded)

(not yet funded)

(not yet funded)

Start

Status/Comments

Central

Code Compliance/Infrastructure Improvements

$ 29,850,445

$ 18,146,445

$ -

$ 6,704,000

$ 5,000,000

 

Multi-phased program.

 

- Replace Maloney Hall Elevator

51,953

51,953

-

-

-

Complete

Project complete.

 

- Window Replacements in Four Buildings

1,090,500

1,090,500

-

-

-

Phase 3 May-11

Phase 1 complete; phase 2 in construction; phase 3 in design.

 

- Burritt Library HVAC Code Compliance Improvements

1,989,000

1,989,000

-

-

-

Dec-11

Project in design.

 

- Founder's Hall HVAC Installation

697,492

697,492

-

-

-

Complete

Project complete.

 

- Davidson Hall Window and Door Replacements (phase 1 & 2)

1,586,000

1,586,000

-

-

-

Phase 2 Feb-11

Phase 1 construction complete; phase 2 in design.

 

-* Security Improvements to General Fund Buildings

805,000

805,000

-

-

-

T. B. D.

University to re-initiate design of project.

 

-* Burritt Library Exterior Repairs

1,328,000

1,328,000

-

-

-

T. B. D.

University re-addressing project scope.

 

-* Kaiser Hall Gym and Lobby HVAC Improvements

747,000

747,000

-

-

-

T. B. D.

University re-addressing project scope.

 

- Campus Wide Signage Program (phase 1 & 2)

600,000

600,000

-

-

-

Phase 2 April-11

Phase 1 construction complete; phase 2 in design.

 

- Marcus White Fire Code Improvements

1,086,000

1,086,000

-

-

-

Mar-11

Project in design.

 

- Replace Barnard Hall Roof/Entry Improvements

1,951,000

1,951,000

-

-

-

Apr-11

Project in design.

 

- HVAC Improvements in General Fund Buildings (Phase I & 2)

5,227,000

5,227,000

-

-

-

Phase 2 Feb-11

Phase 1 construction complete; phase 2 bids received Sept. 15, 2010.

 

- Minor Capital Improvements Program

3,222,500

987,500

-

2,235,000

-

Ongoing

Multiple Phased Projects.

 

- Additional Code Compliance & Infrastructure Improvements

9,469,000

-

-

4,469,000

-

T. B. D.

To be funded in phase II and phase III of CSUS 2020 Program

 

Renovate/Expand Willard and DiLoreto Halls

61,085,000

-

-

-

3,348,000

T. B. D.

Design and construction to be funded in phase II, and equipment in phase III of CSUS 2020 Program.

 

*New Classroom Office Building

33,978,000

33,978,000

-

-

-

Aug-11

Project in design.

 

East Campus Infrastructure Development (construction only)

13,244,000

13,244,000

-

-

-

T. B. D.

Design allocation to be funded from pre-CSUS 2020 bonds, pending Bond Commission action. Construction cannot commence until design funded and completed.

 

Burritt Library Expansion

96,262,000

-

-

-

96,262,000

T. B. D.

Design and construction to be funded in phase III of CSUS 2020

 

Burritt Library Renovation (design only)

11,387,000

-

-

-

1,387,000

T. B. D.

Design to be funded in phase III of CSUS 2020 Program.

 

New Maintenance/Salt Shed Facility

2,503,000

2,503,000

-

-

-

Jan-11

Construction bids due Dec. 15, 2010.

Eastern

Code Compliance/Infrastructure Improvements

19,080,113

8,255,113

-

5,825,000

5,000,000

 

Multi-phased program.

 

- Campus Wide Brick Repointing Program

2,279,530

1,779,530

-

500,000

-

Phase 1 In Const.

Phase 1 in construction. Phase 2 design and construction to be funded in phase II of CSUS 2020 Program.

 

- Planetarium Window Replacement

128,001

128,001

-

-

-

Complete

Project complete.

 

- Develop Major Campus Entrances

323,000

323,000

-

-

-

Feb-11

Project in construction.

 

- South Electrical Loop

225,144

225,144

-

-

-

Complete

Project complete.

 

- High Temperature Hot Water Line Repairs (Phase 1 & 2)

1,623,505

,623,505

-

-

-

Phase 2 Mar-11

Phase 1 construction complete; phase 2 in design.

 

- South Campus Heat Plant Foundation Repairs

660,470

660,470

-

-

-

May-11

Project in design.

 

- Damper and Air Handler Controls in Webb Hall

37,250

37,250

-

-

-

Complete

Project complete.

 

- Soccer Field Drainage Upgrade

347,536

347,536

-

-

-

In Const.

Project in construction.

 

- Renovate 333 Prospect Street

1,007,677

1,007,677

-

-

-

In Const.

Project in construction.

 

- Minor Capital Projects Program

5,448,000

2,123,000

-

3,325,000

-

Ongoing

Multiple Phased Projects.

 

- Additional Code Compliance & Infrastructure Improvements

7,000,000

-

-

2,000,000

5,000,000

T. B. D.

To be funded in phase II and phase III of CSUS 2020 Program

 

*Fine Arts Instructional Center

87,671,000

12,000,000

-

71,556,000

4,115,000

T. B. D.

Project in design; construction to be funded in phase II and equipment in phase III of CSUS 2020 Program.

 

Goddard Hall Renovation

20,334,000

-

-

19,239,000

1,095,000

T. B. D.

Design and construction to be funded in phase II, and equipment in phase III of CSUS 2020 Program.

 

Sports Center Addition and Renovation (design only)

11,048,000

-

-

-

11,048,000

T. B. D.

Design to be funded in phase III of CSUS 2020 Program.

 

Outdoor Track – Phase II

1,816,000

1,816,000

-

-

-

In Const.

Project in construction.

 

*Athletic Support Building

1,921,000

1,921,000

-

-

-

T. B. D.

Architect selection in process.

 

*New Warehouse

2,269,000

2,269,000

-

-

-

T. B. D.

Architect selection in process.

Southern

Code Compliance/Infrastructure Improvements

35,497,500

21,860,500

-

8,637,000

5,000,000

 

Multi-phased program.

 

- Install Elevator/Entrance and Renovate Former Student Center

2,223,500

2,223,500

-

-

-

T. B. D.

Bids received August 4, 2010. Funding includes pre-CSUS 2020 bonds, which are pending Bond Commission allocation. Once Bond Commission approves allocation of pre-CSUS 2020 bonds, construction can commence.

 

- Shuttle System infrastructure

950,000

950,000

-

-

-

T. B. D.

University re-addressing project scope.

 

- Repairs to Pool in Moore Field House

925,000

925,000

-

-

-

In Const.

Project in construction.

 

- Moore Field House Mechanical/Electrical Improvements

2,279,000

2,279,000

-

-

-

T. B. D.

University re-addressing project scope.

 

- Earl Hall Mechanical/Electrical Upgrade

5,811,955

5,811,955

-

-

-

Feb-11

Bids due Dec. 1, 2010.

 

- Jennings Hall Mechanical/Electrical Upgrade

5,415,200

5,415,200

-

-

-

Feb-11

Bids due Dec. 1, 2010.

 

- Lyman Auditorium Mechanical/Electrical Upgrade

1,823,000

1,823,000

-

-

-

T. B. D.

Design allocation to be funded from pre-CSUS 2020 bonds, pending Bond Commission action. Construction cannot commence until design funded and completed.

 

- Minor Capital Projects Program

3,731,845

2,432,845

-

1,299,000

-

Ongoing

Multiple Phased Projects.

 

- Additional Code Compliance & Infrastructure Improvements

12,338,000

-

-

7,338,000

5,000,000

T. B. D.

To be funded in phase II and phase III of CSUS 2020 Program

 

New Academic Laboratory Building/Parking Garage

83,597,000

20,426,000

-

63,171,000

-

T. B. D.

New academic lab building in design. Seabury Hall demolition cannot commence until completion of renovations to the former student center, which is pending Bond Commission allocation of construction funds. Academic lab building construction and equipment to be funded in phase II of CSUS 2020 Program.

 

Health and Human Services Building

60,412,000

-

-

 

60,412,000

T. B. D.

Design and construction to be funded in phase III of CSUS 2020 Program.

 

Fine Arts Instructional Center

70,929,000

-

-

 

70,929,000

T. B. D.

Design and construction to be funded in phase III of CSUS 2020

Western

Code Compliance/Infrastructure Improvements

19,193,330

7,658,330

-

4,323,000

7,212,000

 

Multi-phased program.

 

- Feldman Arena Improvements

527,330

527,330

-

-

-

In Const.

Project in construction.

 

- Midtown Perimeter Site Improvements

500,000

500,000

-

-

-

In Const.

Project in construction.

 

- Campus Wide Utilities/Site Improvements

1,975,000

1,975,000

-

-

-

T. B. D.

Pre-design study complete. University defining improvement projects, based upon study findings.

 

- Higgins Annex HVAC Improvements

124,500

124,500

-

-

-

In Const.

Project in construction.

 

- Higgins Hall and Annex: Roof Repairs/Replacements

510,500

510,500

-

-

-

In Const.

Project in construction.

 

- Renovate Restrooms in Founders Hall: Waterbury Campus

240,000

240,000

-

-

-

Complete

Project complete.

 

- Elevator Upgrades in Berkshire Hall

85,000

85,000

-

-

-

Complete

Project complete.

 

- Install HVAC for MDF/IDF and Server Rooms

300,000

300,000

-

-

-

Dec-10

Bids received Nov. 17, 2010.

 

- Replace Portions of University Boulevard

301,000

301,000

-

-

-

Complete

Complete

 

- Minor Capital Projects Program

3,140,000

2,595,000

-

545,000

-

Ongoing

Multiple Phased Projects.

 

- Renovate Former Holy Trinity Church

500,000

500,000

-

-

T. B. D.

University defining project scope.

 

- Additional Code Compliance & Infrastructure Improvements

10,990,000

-

-

3,778,000

7,212,000

T. B. D.

To be funded in phase II and phase III of CSUS 2020 Program

 

Fine Arts Instructional Center

85,271,000

-

80,605,000

4,666,000

-

T. B. D.

Project in design; construction to be funded in phase II and equipment funded in phase III of CSUS 2020 Program.

 

Higgins Hall Renovations

34,576,000

-

-

2,982,000

31,594,000

T. B. D.

Design to be funded in phase II and construction in phase III of CSUS 2020 Program.

 

Berkshire Hall Renovations (design only)

4,797,000

-

-

-

4,797,000

T. B. D.

Design to be funded in phase III of CSUS 2020 Program.

 

University Police Department Building

4,745,000

-

500,000

4,245,000

-

T. B. D.

Design to be funded in phase I (year 3) and construction in phase II of CSUS 2020 Program.

 

Midtown Campus Mini-Chiller Plant

1,957,000

-

-

-

1,957,000

T. B. D.

Design and construction to be funded in phase III of CSUS 2020 Program.

System Wide

New and Replacement Equipment

73,239,000

18,000,000

8,895,000

14,500,000

31,844,000

Ongoing

Multi-phased program.

 

 

Alterations/Improvements: Auxiliary Service Facilities

53,672,422

13,672,422

5,000,000

15,000,000

20,000,000

 

Multi-phased program.

 

- SCSU: Farnham Hall Renovations

6,737,422

6,737,422

-

-

-

In Const.

Phase 1 construction complete; phase 2 in construction.

 

- ECSU: Low Rise Apartments Structural Study

25,000

25,000

-

-

Complete

Study complete. University defining improvement projects, based upon study findings.

 

- Additional Alterations/Improvements to Auxiliary Service Facilities

46,910,000

6,910,000

5,000,000

15,000,000

20,000,000

T. B. D.

Additional projects to be funded in phase I (year 3), phase II and phase III of CSUS 2020 Program

 

Telecommunications Infrastructure Upgrade

18,415,000

10,000,000

-

3,415,000

5,000,000

Ongoing

 

 

- CCSU: Upgrade Telecom Infrastructure in ITBD Building

850,000

850,000

-

-

-

Apr-11

Project in design.

 

- ECSU: Complete Network Backbone Loop: Admin. to Facilities

585,000

585,000

-

-

-

In Const.

Project in construction.

 

- SCSU: Additional. Fiber and Conduit on North Side of Campus

266,000

266,000

-

-

-

May-11

Project in design.

 

- WCSU: Redundant Dark Fiber to Westside Campus

799,000

799,000

-

-

-

In Const.

Project in construction.

 

- Additional Telecommunications Infrastructure Upgrades

15,915,000

7,500,000

-

3,415,000

5,000,000

T. B. D.

System wide VOIP project being defined. Additional projects to be funded in phase II and phase III of CSUS 2020 Program.

 

Land and Property Acquisition

11,250,190

4,250,190

-

3,000,000

4,000,000

Ongoing

Purchase of White Street property in Danbury complete. Additional property purchases to be funded in phase II and phase III of CSUS 2020 Program.

 

 

 

 

 

 

 

 

 

 

Totals

$ 950,000,000

$ 190,000,000

$ 95,000,000

$ 285,000,000

$ 380,000,000

 

 

 

* Funding for year 2 of the CSUS 2020 Program, originally requested for FY 2010 was deferred until FY 2011.

 

T. B. D. - to be determined

We hope that you find this information helpful. Please contact us if you have any questions or need further assistance.