Upload
benjy
View
36
Download
0
Tags:
Embed Size (px)
DESCRIPTION
DIXIE STATE College of Utah. Public/Private Student Housing Project. 40 Years: 700% Enrollment Increase, No new housing. Dixie State College has a critical need for new housing stock on the campus. - PowerPoint PPT Presentation
Citation preview
DIXIE STATE College of Utah
Public/Private Student Housing Project
40 Years: 700% Enrollment Increase, No new housing
Dixie State College has a critical need for new housing stock on the campus. The existing student housing was built in 1962 and 1968 in traditional dormitory style sans kitchens and living rooms. Dixie’s enrollment in 1968 was 1,074.With a student body of nearly 9,000 and continued strong growth anticipated, the current 250 beds on campus are woefully inadequate. Historically Dixie State has had a mix of about 2/3 Washington County students and 1/3 from outside the county.
Private Housing is Limited by Available Space
During the 70’s, 80’s, and 90’s the College encouraged private developers to build new apartment style housing near the campus.
A total of 1,500 beds have been built in off campus locations; some as far as two miles from campus.
Private housing developers haven’t been building around the campus in recent years because of the lack of available land.
In 2005 Dixie State was authorized by the Building Board to complete an architectural program for new housing. The resulting plan called for a phased 500 bed facility at a total cost estimated at $23,629,280. Dixie State lacked the bonding capacity to accomplish a phase one of this programmed housing and the plan for new on campus student housing was shelved.
2005 Student Housing Architectural Program
Rapid enrollment growth during the past three years has prompted the College to look at the housing options through a new set of lenses. A Student Housing Feasibility and Market Analysis was conducted by Brailsford & Dunleavy in 2009. Their total cost estimates using traditional bonding were between $59,000 and $68,000 per bed. These estimates again led Dixie State to the conclusion that the conventional bonding approach was out of reach for the institution.
Dixie Seeks a New Approach to Student
Housing
Dixie State studied the state and national private student housing options.
Developers came to campus to present options for a public/private. partnership
Dixie Studied Public/Private Student
Housing Options
The public/private partnership will not require state funding or student bonding.
The planned 314 bed three story facility includes the latest in student housing design:
• Layered security from the exterior entrance to the bedrooms
• Study rooms• Building wide Wi-Fi• Recreation amenities• Kitchens, living rooms, and options
for private bedrooms
Best Solution to Address the Student Housing
Shortage
Financial Summary
Construction$8,310,00
0Furnishings $477,630
Amenities $210,000Total Project Cost $8,997,630
Shared Room Monthly Rate $290
Private Room Monthly Rate $525
Occupancy Rate: Fall & Spring 95%
Summer 50%Supplemental Rents
(Conferences & Camps)Total Annual Income $1,199,175Net Operating Income $734,059Annual Payment @ 5.75% $613,051Coverage Ratio 1.2
Public/Private Partnership Concept
Dixie State will lease land for the student housing development, adjacent to the current student housing.The Student Housing development will revert to the College at the end of the lease.Compliance with Policy • Regents 712 (Nontraditional Arrangements for
Development of Facilities and Campuses)• Utah State Code • 53B-20-103 (Powers of state board -- Capital facilities
projects -- Exceptions)• 53B-21-108 (Financing project by contract or lease
agreement instead of by bond issue -- Authority of board -- Term of lease -- Terms of agreement -- Board covenants)
Lease Development Model
Dixie State issues RFP for Lessee/Owner to finance and develop student housing. Lessee/Owner contracts with developer/contractor to design, build, and operate student housing. St. George City and Washington County offer lease guarantee.
City ofSt. George & Washington
County
FinancialGroup
DixieStateCollege
Developer
Operator
Thank You!
1.The most effective and efficient way to meet Dixie’s critical housing shortage.
2.Funded with outside capital - no state bonding required.
3.No student fees required.4.Dixie State College will be
gifted the housing property after the 30 year lease.
The Best Student Housing Option For Dixie State