University of Oklahoma Board of Regents last week gave final approval for a $48 million revenue bond issue to finance a fourth building at the university’s Partners Place research campus.
The building is expected to cost $40 million. The university plans to spend $8 million to repair campus roads and infrastructure.
The new facility will be located near the National Weather Center on OU’s main campus at Norman. It will house private companies that work with university faculty and students on weather-related issues.
The university said it expects to issue the bonds in 2011.
OU president David Boren said the new facility is already fully leased. Regents have approved plans for a fifth building at the research center.
“As soon as one building is built, it’s full,” Boren said.
The Oklahoma Legislature authorized the bonds earlier this year. The debt will be supported by University of Oklahoma revenues.
OU’s revenue bonds are rated AA-minus by Fitch Ratings and Standard & Poor’s and A1 by Moody’s Investors Service.
