Presidents who intend to develop campus facilities should form partnerships with financial and real estate firms, said presenters at a Presidents Institute session on what presidents need to know in developing campus facilities.
    F. Stuart Gulley, president of LaGrange College (GA), a United Methodist institution that has experienced steady growth in recent years; Patrick Russell, senior vice president of RBC Dain Rauscher, a company that provides tax-exempt bond sales for nonprofit institutions; and Ronald Watkins, CEO of Partners and Associates, Inc., a full service real estate development and development management company, presented a case study of LaGrange College’s efforts to build two new residence halls and renovate other, existing residence halls. Gulley said, “One of the challenges we have faced has been negative reactions from prospective students to the condition of our residence halls.” He noted that RBC Dain Rauscher is providing the financing for the projects through tax-exempt bonds and that Partners and Associates is the project manager for construction and renovation. So far, Gulley reported, the project is “in budget and on time.”
    Gulley stressed the importance of forming key strategic partnerships with such firms at the very beginning. Russell said that building projects should start with the financing issues. “Calculate the total development costs for the project rather than just the construction and/or renovation costs,” he said.
    The panelists emphasized that it is critical to select a firm with experience specifically in the project areas relevant to a college or university, such as academic buildings, residence halls, athletic complexes, student activities centers, and arts facilities.

Independent
The Council of Independent Colleges
One Dupont Circle NW, Suite 320 • Washington, DC 20036
tel: (202) 466-7230 • Fax: (202) 466-7238 • e-mail: mailto:cic@cicnche.edu • www.cic.edu

Last updated: March 2003
Copyright © 2003 The Council of Independent Colleges