Kent State Campus Renovation Plan Back on the Table

A plan to issue $210 million in bonds to renovate the Kent State University main campus is back on the table.

The university announced this morning the proposal had been passed along to the Ohio Board of Regents by Chancellor Jim Petro. The move comes about five months after Petro's predecessor, Eric Fingerhut, refused to support a campus renovation plan that relied on a new student fee to pay for the bonds.

In a statement released by the university, Petro said his consideration of the bond proposal "is influenced by the documented need to address these urgent maintenance and renovation projects at Kent State University and the realistic constraints of the state budget to provide alternative funding."

Below is the full text of the press release. Click on , here on Kent Patch.

Kent State press release:

Kent State University President Lester A. Lefton announced today he has submitted a bond request to Chancellor Jim Petro in the amount of $210 million as part of the university’s capital improvement plan to renovate academic facilities on its Kent campus. “The bond issue will ensure that Kent State will be able to provide students now and in the future with a world-class education,” Lefton said. “In addition to funding improvements in academic and student support facilities, the bond complements our local engagement in economic development.”

Among the initiatives to be undertaken in the campus improvements, Lefton highlighted two that will be at the forefront of the renovation and construction. “Our first priority is the redevelopment of the campus’ Science Corridor,” he said. “This will include expanding educational and research opportunities, particularly in science, technology, engineering, mathematics, and medicine (STEMM) fields. These are the high-growth areas in the job market.”

Another priority of the plan is improvements to the university’s research facilities. “Research is at the heart of any great university,” Lefton said. “The bond funds will help support an aggressive plan to grow the Kent State Center of Excellence in Liquid Crystals, Bio-Science, and Nanotechnology. This builds on our existing leadership in technology transfer in the FlexMatters industry cluster.”

Chancellor Petro has submitted the bond proposal to help fund Kent State’s project to the Ohio Board of Regents, which has officially posted the proposal for the public review period. “My consideration of this proposal is influenced by the documented need to address these urgent maintenance and renovation projects at Kent State University and the realistic constraints of the state budget to provide alternative funding,” Petro said. “I am also mindful of the favorable impact that this project will have upon employment and the economy for Northeast Ohio. These projects will combine with traditional internal university-funded projects to produce more than $250 million of construction activity, producing an estimated 7,500 direct and indirect construction-related jobs.”

Nearly 80 percent of the funds are geared to the rehabilitation, renovation, reconstruction or increased energy efficiency of existing buildings. More than 30 academic and student support facilities will be touched by this initiative.

“Essentially, this is a mission-critical plan that will help us continue to produce graduates in the numbers and disciplines required to meet the workforce demands of a thriving 21st century economy,” Lefton said. “What is unique about our plan is that we are using our borrowing power to improve academic facilities, not student unions, recreation centers or athletic complexes. We are committed to providing a high-quality environment to our students, faculty and staff.”