A $4.2 million bond for building a new child care center was signed last Friday by representatives of the SF State Foundation, Associated Students, the SF State bookstore and administration.
"It needed to be done," President Robert Corrigan said at the afternoon signing.
Corrigan signed the bond, along with Lorena Rios, vice president of AS, and four other representatives.
The meeting was attended by Don Scoble, vice president of business and finance, Peter Koo, AS business manager, Larry Ware, SF State Foundation representative and Robert Strong and Elizabeth Small, bookstore representatives.
The construction for the children's center will begin in October when the old center is demolished.
The new center will be built on the same grounds, which is located just northeast of the residence halls. The project should be completed by September 1997.
It will provide better facilities for the children of students, faculty and staff.
More than 11,000 square feet will accommodate 98 children, compared to the old capacity of 3,000 square feet for 60 children.
The center will take children between the ages of 6-months and 5-years. The need for a larger building is evident with more than 150 families currently on the waiting list.
Scoble described the event as a fine example of a unique collaboration between the university and AS.
It's unique because the university is using capital bonds for a campus improvement project.
In 1992 AS saw the need for a new child care center and came up with a financing plan.
To ensure that the borrowed money is paid back, the SF State Foundation and the campus bookstore guaranteed the bonds.
Upon completion of the project the bonds may be purchased by outside investors. Scoble said he is confident there will be enough people to the purchase bonds, as he expects the new facility to be an attractive investment.
[ Golden Gater Online September 10, 1996 ]
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