USC’s Board of Trustees approved Oct. 17 the initial phase of a three-year, $126 million capital financing plan that addresses much-needed building maintenance and facility upgrades on the Columbia campus.
The projects will be paid for mostly by funds from the University's existing bonding authority. Public universities and colleges in South Carolina do not receive state funds for maintenance projects and must fund such initiatives from their own resources.
Meeting at USC Spartanburg, the trustees endorsed the three-year plan, which calls for improvements in numerous classroom buildings and residence halls, energy systems maintenance and upgrades, renovation and upgrades for student food services facilities, construction of a parking garage, and streetscape and landscape projects.
Trustees endorsed the overall plan, which was presented by President Sorensen, and approved three initial projects: a $2 million energy audit to determine where energy upgrades are most needed and to identify additional energy sources and ways that the University can further conserve energy; an $11 million, 1,000-space parking garage on the campus near Blossom and Bull streets; and $1.2 million for maintenance upgrades at the Koger Center.
Board members plan to review campus parking fees at their June 2004 meeting. In approving the garage, trustees stipulated that the facility be fully funded by parking fees.
As part of a separate project, new signage for the Koger Center is planned to better identify the building and its USC affiliation. The project will be paid for with private funds. The Koger Center is USC's third most publicly used building. Only Williams-Brice Stadium and the Colonial Center receive more public visitors.
Sorensen said the maintenance proposal helps to address the University's critical facility needs.
"Deferred maintenance is a $200 million problem at USC," Sorensen said. "This creative proposal will allow us to help address the problem in a fiscally prudent and manageable way."
Future projects covered by the plan include major maintenance work in six student residence halls, exterior replacements, new roofs, interior renovations, and elevator upgrades in various academic buildings and in the Russell House Student Union.
USC officials also told trustees that, in addition to the $126 million for the three-year project, they have identified other, similar campus needs estimated to cost $95 million.
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