CLC pursuing $19 million loan to help fund new buildings
College of Lake County board members have agreed to seek a $19 million loan to help fund planned construction projects on the flagship Grayslake campus and the school’s Waukegan branch.
David Agazzi, vice president for administrative affairs, said bonds must be issued to borrow the cash that will allow the college to receive a significant amount of state funding for the planned buildings.
CLC plans a $23.5 million science building on the Grayslake campus along with a nearly $48 million expansion of its Lakeshore campus in Waukegan. State money is expected to cover 75 percent of the cost, with CLC contributing the $19 million.
“The important thing to note is there is a 75 percent return on the money. If we don’t do this (loan), we won’t have the funding available to receive the 75 percent portion of the state funding,” Agazzi said.
Board members Tuesday night voted 6-0 in favor of seeking the $19 million loan through the sale of bonds.
Officials said the science building in Grayslake would span nearly 70,000 square feet, including 42,568 square feet of new construction. The rest involves renovation of an existing science area. The new science building would include laboratories for microbiology, chemistry, engineering and organic instruments. Officials expect construction to start in January and be substantially complete by June 1, 2015.
An array of new academic programs and support services are pegged for a 72,000-square-foot building for the Lakeshore campus in downtown Waukegan, officials said.