Bonds issued to Northwest Foundation will benefit campus construction projects

Funding for a construction project and a renovation project at Northwest Missouri State University has been secured through the purchase of revenue bonds totaling $7.675 million.

According to Lori Steiner, finance officer for the Northwest Foundation, $4.5 million will assist with renovation to the Valk Center, a classroom building that houses the Department of History, Humanities, Philosophy and Political Sciences, and $3 million will benefit the construction of the studio theatre addition to the Performing Arts Center. The remaining $175,000 covers bond issuance costs.

“Typically the Northwest Foundation would not be directly involved with a bond project such as this one,” Steiner said. “However, because the foundation had received a generous gift by an anonymous donor specifically for the studio theatre, the Northwest Foundation agreed to be the funding vehicle for these University projects.”

Orrie Covert, executive director of the Northwest Foundation, said a loan agreement between the University and the Northwest Foundation was approved by the Northwest Board of Regents in 2007, but the bonding process took longer than initially predicted.

“What is typically a three- to five-month process became more like 14 months because of the difficulties in the financial market and the thorough approach now taken by the banking industry to provide credit enhancements to municipal bond issues,” Covert said. “We’re pleased the funding of the two projects will not be further delayed and Northwest can continue to move forward with providing quality facilities for Northwest students, employees and alumni as well as members of the community.”

Begun in November 2007 and completed this fall, classroom and commons area construction in Phase One of the Valk Center renovation provides facilities equipped with current learning, energy and safety technology as well as expanded entry areas to both levels of the facility. Phase Two of the Valk Center project includes administrative office renovations, which are expected to be completed by June 2009.

Work on the studio theatre addition to the Performing Arts Center began in September 2007 and was completed this fall. The studio theatre, attached to the south side of the Performing Arts Center, seats up to 250 people, depending upon the seating arrangement, which is moveable, and provides a more intimate environment for student and departmental performances. The new theatre uses state-of-the-art technology, including an articulated lighting grid, a makeup lab/classroom and a new lighting and sound control system.

Covert emphasized that Steiner and two members of the Northwest Foundation Board of Directors, Jim Blackford of Maryville and Dan Runde of Platte City, were instrumental in the success of the bond project.

“Due to credit market conditions, no one could anticipate what we originally thought would be a relatively smooth process would become a trek through unknown territory,” he said. “We owe a giant Bearcat thank you to them for continually plugging away at what appeared at times to be an impossible task.”

For more information about the Northwest Foundation, contact Orrie Covert at covert@nwmissouri.edu or 660.562.0816.

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The Northwest Foundation, a 501(c) 3 not-for-profit corporation, is responsible for receiving, investing, stewarding and disbursing private support on behalf of the donors of Northwest Missouri State University for the benefit of the University, its students, faculty, staff and alumni. The Northwest Foundation, governed by a 29-member volunteer board of directors, is staffed by members of Northwest’s Office of University Advancement.

For more information, please contact:

Mitzi Lutz
Advancement Communications Specialist
Office of University Advancement
Northwest Missouri State University
720 College Ave., Advancement House
Maryville, MO 64468
mitzi@nwmissouri.edu
660.562.0817 (phone)
660.562.1990 (fax)
www.nwmissouri.edu/alumni

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