Spring Break
Chancellor plans major UMKC expansion
Derek Simons
Issue date: 3/12/07 Section: News
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UMKC Chancellor Guy Bailey has big plans for the University - $300 million worth. That's the price tag for building initiatives in the next three years.
He said the cost will be "mostly on other people's nickel." Some projects will, however, be funded by the University's debt capacity, such as the $70 million Miller Nichols Library expansion.
The student union, costing from $40-46.3 million, is to be funded by student fees.
Other projects include $95 million in new housing, $60 million for a convocation basketball facility, a new chiller plant for the Volker campus costing $20 million, a hotel and convention center, and better outdoor athletic facilities.
Director of Campus Facilities Bob Simmons said the land-lease model of financing used for Oak St. West Development could be used for other projects attractive to outside investors. Under that model, the University only receives payment for the land and does not own the building, but avoids the initial investment costs.
"There are pros and cons to financing the projects ourselves," Simmons said. "There's only a certain amount of debt [UMKC] can issue and maintain a good bond rating. We will structure the Request for Financial Proposals (RFP) in a way that leaves both options open."
With the exception of the convocation basketball facility, all of these initiatives are expected to be concluded at the latest by fall 2010.
"We think we will get a lot of support from the city for doing this," said Bailey. "You're talking about a significant investment in Kansas City. The city people are excited."
The two mayoral candidates for Kansas City offered their reactions to Bailey's plans.
"While the planned expansion appears to be something I would be in favor of supporting, I would have to see specific plans as they are presented to the city prior to committing tax incentives for the project," said Councilman Alvin Brooks in an e-mail. "It must fit within the guidelines of the tax incentive policy. The possibility of support from the city in this respect is certainly high."
He said the cost will be "mostly on other people's nickel." Some projects will, however, be funded by the University's debt capacity, such as the $70 million Miller Nichols Library expansion.
The student union, costing from $40-46.3 million, is to be funded by student fees.
Other projects include $95 million in new housing, $60 million for a convocation basketball facility, a new chiller plant for the Volker campus costing $20 million, a hotel and convention center, and better outdoor athletic facilities.
Director of Campus Facilities Bob Simmons said the land-lease model of financing used for Oak St. West Development could be used for other projects attractive to outside investors. Under that model, the University only receives payment for the land and does not own the building, but avoids the initial investment costs.
"There are pros and cons to financing the projects ourselves," Simmons said. "There's only a certain amount of debt [UMKC] can issue and maintain a good bond rating. We will structure the Request for Financial Proposals (RFP) in a way that leaves both options open."
With the exception of the convocation basketball facility, all of these initiatives are expected to be concluded at the latest by fall 2010.
"We think we will get a lot of support from the city for doing this," said Bailey. "You're talking about a significant investment in Kansas City. The city people are excited."
The two mayoral candidates for Kansas City offered their reactions to Bailey's plans.
"While the planned expansion appears to be something I would be in favor of supporting, I would have to see specific plans as they are presented to the city prior to committing tax incentives for the project," said Councilman Alvin Brooks in an e-mail. "It must fit within the guidelines of the tax incentive policy. The possibility of support from the city in this respect is certainly high."
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