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The University of Windsor has announced the construction of a new $53M Engineering building at the intersection of Wyandotte and California.
Article below is from uwindsor.ca...


The University of Windsor’s Board of Governors has unanimously approved plans to proceed with the design of the first phase of a state-of-the-art engineering building that would provide classrooms, undergraduate laboratories and meeting space for the university’s more than 1,300 engineering students.

“This is a great day for the University of Windsor and for the City of Windsor,” says President Ross Paul. “A new engineering facility fits precisely into our strategic plan To Greater Heights, and responds to our region’s need to create research and development opportunities to help secure a strong economic future.”

According to Dr. Paul, if the Board approves construction of the project, work can begin by May, 2007 with an estimated occupancy date of January, 2009.

“Windsor is an automotive city,” says Faculty of Engineering Dean Graham Reader. “Our campus needs a top-notch engineering facility that gives our students and faculty the tools they need to help our region meet research and innovation needs in the years to come. It’s a great investment in our region and a tremendous vote of confidence for the future of our university.”

The Board has approved design costs of up to $4 million for a 160,000 square foot facility with an estimated build cost of $53 million. The design phase of the project is expected to take up to a year. At the same meeting, the group approved a long-term financing strategy to take advantage of low interest rates.

The plan would see the university borrow $102 million in bonds, allowing it to pay off $50 million in outstanding loans and leaving $52 million for capital expansion projects. The restructuring allows the university to maintain its annual debt payment of $6.2 million by deferring payment on the loan’s principal for 40 years. Under this plan the Board would set aside $800,000 annually to cover the principal at the end of the term.

“We must ensure that we build a future for our students,” says Board of Governors Chair Marty Komsa. “This is a responsible plan that allows the university to grow while still leaving us with a debt-per-student ratio lower than most Canadian universities.”

Jeff LaPorte, president of the University of Windsor Students' Alliance, hails the move as "the right step forward for the university."

"This new building marks the beginning of a new era. Together with the debt refinancing, it should bring the university to greater heights,” LaPorte says.

The next step in the process will be a request for proposals from architects. Windsor Mayor Eddie Francis offered congratulations to the university for its role in securing the future of the city.

“When future investors come to our region,” he says, “it will be because we can provide them with first-rate leadership in high-tech research and development, a knowledgeable and skilled workforce for manufacturing, and a community that is vigorously educating the innovators of tomorrow.”