[Garden City, KS] March 10, 2020 – The Garden City Community College Board of Trustees voted unanimously Tuesday to permit the institution to move forward with securing over $3 million in financing for several deferred maintenance projects and other pressing safety and security needs.
Board members, which met for a regularly scheduled meeting on March 10, 2020, agreed that the dozen or so projects – including an estimated $1 million metal building to house and safeguard GCCC’s fleet of buses – require attention and timely action.
GCCC President Dr. Ryan Ruda told board members that the institution would, in fact, be retiring another prior debt obligation by May of this year.
The completion of those payments, which paid primarily for GCCC’s Student & Community Service Center, will result in a cost-savings to the college’s general fund of about $480,000 annually, Dr. Ruda said.
The proposed $3.1 million in debt obligation will result in annual payments nearly half that cost – an estimated $250,000 per year – creating a net savings of around $230,000 per year to GCCC’s general fund.
Dr. Ruda told board members the opportunity to address maintenance and safety needs while simultaneously reducing the college’s debt service overall would help propel the college forward in the years to come.
“This financing will provide a savings to the general fund while addressing items that have been included in the college strategic plan and master facilities planning,” Dr. Ruda said. “This encompasses our focus on continuous improvement and sustainable infrastructure, a pillar of our strategic plan.”
In addition to the bus barn, other projects in the $3.1 million project list include but are not limited to the following:
- replacement and upgrade of two cooling towers and a chiller used to provide air conditioning throughout all main campus buildings, an estimated $900,000;
- installing new campus light poles and additional security cameras to improve campus surveillance and safety, an estimated $90,000;
- and upgrade and renovation of the main underground tunnel cap system in the center of campus, which serves as a mechanical pathway for HVAC, electrical, irrigation, and communication lines, an estimated $260,000.
The board also voted unanimously during their Tuesday meeting to explore a refinancing option on a current debt obligation of around $2.7 million remaining on the Broncbuster Suites.
The Broncbuster Suites were purchased by GCCC in two phases, in 2016 and 2017.
Refinancing the suites purchased in 2017 could result in a cost-savings between $50,000 and $75,000, depending on future interest rates. The timeframe for debt payment – by the end of 2026 – would not change with the refinancing option, Dr. Ruda said.
Regularly scheduled board meetings are held on the second Tuesday of each month. The next meeting will be held on April 14, 2020, starting at 6 p.m. in the Endowment Room of the Beth Tedrow Student Center.