As fall begins it means the trials and tribulations of year-end close are successfully behind us, and so we turn our attention back to the tasks at hand.
In the world of capital finance, we’re focusing on the upcoming renovations of major buildings, the possibility of constructing new ones and the continual work to reduce our deferred maintenance backlog.
Happily, this year the state is providing some significant funding for the $89.6 million renovation of the Hellems Arts and Sciences building.
Hellems is nearly 100 years old and is one of the most heavily used buildings on campus. Additionally, the project includes improvements to the Mary Rippon Outdoor Theater, which is the home of the annual Colorado Shakespeare Festival.
The state has already funded $14.1 million and will likely fund more in the future.
This state funding helps reduce the bond debt the campus would otherwise incur and frees up funds for other projects envisioned over the next 10 years, such as structural work at Old Main and the modernization of the chemistry laboratories and the Ekeley teaching labs.
Our team has also been working with other units to help them identify their capital needs and the necessary financing strategy to fund those needs.
Our current work involves partnering with Housing and Dining on a feasibility analysis to evaluate the need, cost and funding options for the construction of new housing units, the renovation of existing units, and the impact to the campus’ debt portfolio by these kinds of projects.
We’re also excited to address critically needed deferred maintenance projects across the campus. The allocation of additional capital resources will make a difference in completing necessary infrastructure work and in making improvements to many of our campus buildings.
Capital projects can take several years to complete, but our team is hard at work to ensure these projects succeed. So keep your eyes open around campus and you’ll begin to see significant improvements soon! Go Buffs!
Chris Wright, Director of Capital Finance
Hellems Arts & Sciences building. (Photo by Casey A. Cass/University of Colorado)
The 2017 Colorado Shakespeare Festival performance of The Taming of the Shrew in the Mary Rippon Outdoor Theatre at the University of Colorado Boulder. (Photo by Casey A. Cass/University of Colorado)
Scenes from the 2017 main commencement on the CU Boulder campus. Old Main building. (Photo by Glenn Asakawa/University of Colorado)