September 21-23, 2005

 

ITEM 128-2003-R0905                Authorization to Construct a Parking Garage and Repair & Replace New & Existing Parking, Street and Access Facilities; Montana State University-Bozeman

 

THAT:                                       Consistent with the provisions of MCA 20-25-302, the Board of Regents of the Montana University System authorizes MSU-Bozeman to construct a parking garage as well as repair & replace new and existing parking, street and access facilities. The estimated cost for this project is $7,000,000.

 

EXPLANATION:                        1.      Historically, MSU has had a significant unmet demand for parking to serve the academic facilities and residence halls in the northeast sector of campus. The addition of the new Chemistry Building will exacerbate the need for additional parking in this area.

 

2.             Options to increase parking in this area by constructing additional surface parking lots no longer exist. Therefore, to maximize the amount of parking on a very limited building site, and preserve adjacent green space, a 3-4 level parking facility, with a capacity of approximately 350-450 parking spaces, will be constructed.

 

3.             The project is also expected to include reconstruction and/or reconfiguration of portions of 8th Avenue and Cleveland Streets that run through campus.

 

4.             This work will be financed with a combination of funding including non-state funds from Parking System Revenues, maintenance funds from Auxiliary Operations Revenue (Renewal and Replacement Budget) and/or Other (non-state) Lawful Purpose funds in excess of debt service obligations.

 

5.      This item provides MSU the authorization to proceed with the design and construction of the parking garage.  However, construction will not proceed until satisfactory funding, with cash, bond sale proceeds, and/or another form of debt instrument has been secured.  MSU must secure Board of Regents approval of its final financing plan at a future meeting.