The University of North Carolina Wilmington is taking a different route than it has in the past to add student housing to its campus in the amount of about 1,800 beds. Much like the University of Kentucky, it’s turning to P3s to help.
“The university is pursuing the financing and construction of the project through a public-private partnership,” said Miles Lackey, vice chancellor for business affairs at the University of North Carolina Wilmington. “We believe that this structure is an effective way to bring the facilities online.”
The partnership would involve the issuance of tax-exempt bonds of up to $152 million, according to city of Wilmington documents, which address the issue because federal tax law requires the city to hold a public hearing on the matter and sign off on it.
In addition to UNCW, the partners on the project would be Balfour Beatty Campus Solutions as the developer, a public finance authority as the issuer of the bonds and a non-profit student housing foundation as the borrower.
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