The LDC approval grants tax-free status to the bonds that will be issued for construction in connection with the project, which provides thousands in savings to the college from lower interest costs. The financing carries no cost or obligation to the LDC or the county, LDC officials note.

“Purchase College-SUNY is very excited about moving ahead with the new dorm,” says college spokesperson Betsy Aldredge. “As the demographics have shifted from a primarily commuter campus to a campus where the majority of students reside on campus, it has been an ongoing challenge to provide housing for all who wish to live here.”

“This new 300-bed dorm, which will consist of junior suites, will allow us to move students from triples to doubles, therefore improving their residence experience. At the same time, the new dorm will give us flexibility to convert spaces now used as living quarters into academic spaces, and to renovate some of our older housing stock,” she continues.

Aldredge says the LDC bond financing will include all of the funds required for the project, including the cost of construction, furniture and equipment, financing costs and other project costs, including inspections and professional fees.

A Request for Qualifications was issued in May of this year and a shortlist of three qualified firms was selected who subsequently answered a Request for Proposals that were submitted by all three firms on Oct. 2. Aldredge said the selection process will be concluded this week. The project will be delivered utilizing a Design/Build format.

The LDC provides low-cost, tax-exempt bond financing for non-profit organizations. From 2013-2015 the LDC provided more than $430 million in tax-exempt financing to hospitals, schools, nursing homes, and social service agencies. It has helped to renovate critical infrastructure expansion for non-profits, which has created more than 1,500 permanent and construction jobs since 2013.