Endorsement: Four for Los Angeles Community College District Board of Trustees’ decision to approve a $12.85 million surplus bond deal to build a new state-of-the-art campus on the site of a former mental health facility.
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The Los Angeles Community College District Board of Trustees will vote Dec. 9 on a $12.85 million surplus bond deal to build a new state-of-the-art campus on the site of a former mental health facility at the former Loyola College on University Place.
The board’s vote comes about a month and change after it adopted its $6.5 billion general obligation general bond to fund construction at the Loyola, which is slated to open this fall with a main library and academic support facilities. The full general obligation general bond amount is $9.9 million.
“I do not believe there is any other state that has ever built a $1 billion library building that has gone through the approval process of the same amount of money that was received by the district,” said Trustee William Fears in his presentation to the board.
The final contract document contains six stipulations in the form of “conditions” to the approval of the deal, which allows for a possible reevaluation of project financial status should unforeseen conditions occur.
The first condition is the need to ensure the district’s financial stability until the completion of the new Loyola library and academic support facilities. The new campus is estimated to cost $14-$18 million, while the previous Loyola campus used to have four different buildings with more than $4.5 million a campus.
The second condition is to allow the district to recoup some of the $9.9 million the previous bond to fund construction at the Loyola campus. The current bond deal does not contain a “recoup” clause.
The third condition is to build the new Loyola library with all necessary facilities, staffing, services and technology.
The fourth condition is to build a new academic support facility with the following features: