Allegheny College wants Crawford County, Pa., approval to have up to $41 million in tax-exempt bonds issued through the county Industrial Development Authority.
The project would refinance previously issued bonds and a loan for the college plus finance additional renovations on campus, Lisa Pepicelli Youngs, the authority's attorney, told county commissioners at their work session Wednesday.
Neither the county nor the Industrial Development Authority would take any liability for the new bonds, but both must approve the project in the interest of the public so the new bonds can be issued, Pepicelli Youngs said.
The college plans to refinance an $8 million bond issue from 2009 and a $26.3 million loan from 2010.
The college plans to use the balance of the funds toward a variety of projects, according to a recent legal advertisement.
Those projects are renovations and improvements to the Wise Sports and Fitness Center; renovations and improvements to residence halls and academic buildings; make Schultz Hall a new wellness facility with counseling and health services; upgrade utility and technology systems across the campus; improvements to the Robertson Athletic Complex including new turf, lighting, seating and a two-story press box; and renovation to Robertson Field House buildings including construction and/or renovation of an indoor practice facility.
The county Industrial Development Authority has a public hearing on the proposed bond issue at 3 p.m. Tuesday at the law offices of Pepicelli Youngs & Youngs, 363 Chestnut St., Meadville.
The authority is expected to vote on the project following that hearing.
County commissioners are expected to act on the project at their next voting meeting, which is scheduled for April 26.
