Joliet Junior College in Illinois approves funding plan to finance expanding one of its campuses
Joliet Junior College board chairman Andy Mihelich The Joliet Junior College Board of Trustees approved a funding strategy at their July 30 meeting to finance the construction of priority projects which include a new multipurpose building on the college’s Main Campus and the expansion of the existing Romeoville Campus.
The funding strategy comprises a $45 million bond issue and a $4 capital assessment fee increase. This student fee will bring the college’s overall tuition rate from $107 to $111 per credit hour and will support the bond sale. The college’s current bond rating from Standard and Poor’s (S&P) is AA.
At the July 30 meeting, a public hearing was held on the bond issue, and trustees voted on and approved the capital assessment fee 4 to 2. Next steps include a vote by college trustees to issue the bonds at their Aug. 13 meeting.
“We are pleased to be moving forward with projects that are essential to the growth and continued success of Joliet Junior College,” said Board Chairman Andy Mihelich. “We want to be the college of choice for students in our district, and improving JJC’s facilities and learning resources is a key step in that direction.”
The multipurpose building and the Romeoville Campus expansion are outlined as priority projects in the college’s 2013 Master Plan Update, which was approved by trustees in April. Completed by Legat Architects, the update reconsiders 2008 master plan projects not yet implemented, examines new projects, and recommends priorities that respond to various challenges facing the college in the future.