The board of Wayne State University last week approved a plan to sell $92 million of general revenue bonds this spring to finance new construction, including a new building in Detroit.

The bond sale is part of the university's $170 million capital plan through 2016, according to a report in Crain's Detroit Business. The school plans to sell at least $90 million of bonds with Bank of America Merrill Lynch as senior underwriter, according to the report.

Roughly $30 million of the proceeds will be used to finance a $93 million biomedical research building in Detroit. It is the university's largest project to date.

Bond proceeds will also be used for a $12 million education center in the city of Warren in Macomb County, renovation of a student center building, and new laboratory space.

Wayne State University's main campus is in midtown Detroit and includes 100 buildings. It also has five extension centers.

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