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The LDC unanimously approved issuing up to $93 million in revenue bonds for Hobart and William Smith Colleges, supporting a new 30,000-square-foot facility and refinancing earlier bonds. The LDC is expected to receive about $500,000 in fees, and the project is expected to begin in March.
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The LDC approved a financing arrangement in which it will issue bonds for the Hobart and William Smith Colleges project. The LDC will not be responsible for repaying the bonds if the project defaults. The board also approved $4,500 in additional funding for Cook Properties’ environmental studies and discussed possible assistance for sidewalk repairs, but did not approve a sidewalk fund.
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