Georgetown inches closer to $90 million in tax-exempt bonds
The University is one step closer to securing $90 million in tax-exempt bonds from the D.C. government.
The request was introduced to the Committee on Finance and Revenue on October 1, and despite the ANC’s opposition the committee voted it out last Friday. (What’s a Bond film without a hackneyed villain?) However, not all $90 million will go toward the Science Center, which is estimated to cost $98.5 million.
“Approximately $74 of the $90 million is targeted for the science center,” Julie Green Bataille, University spokesperson, wrote in an email. “The rest will be prioritized for use for other capital improvements and maintenance of existing facilities.”
None of the bond money will go toward improving the University’s wireless capabilities, according to Bataille. Georgetown plans to fund that project through annual operating expenses.
Although Bataille added that specific projects have not yet been identified, committee legislation [PDF] alludes to potential tasks, including the relocation of roads that surround the Science Center, the renovation and modernization the main campus, the law campus, and University-owned town houses, as well as technology infrastructure upgrades.
To secure funding for the Science Center, the D.C. Council must approve the University’s bond application. The Council will vote on the request on November 9, according to Ruth Werner, acting committee clerk for Ward 2.
Photo: Georgetown College