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Commission approves $2.78M loan for MCC project
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Published: December 18, 2008
Iredell County commissioners have decided to borrow $2.78 million to help fund construction of a new classroom building for the Mooresville campus.
Commissioners agreed at Tuesday night's meeting to take out a 15-year loan with an estimated interest rate of 5.65 percent on behalf of MCC. The loan will cover the shortfall between the building's estimated cost and college's capital reserves.
The college, which needs more than $3.6 million for the project, has $853,764 in reserves.
MCC President Douglas Eason said 1,600 students are currently enrolled in Mooresville. The college expects enrollment to grow by 20 percent this spring, he said.
The college doesn't expect to be in the new 40,000-square-foot building on North Academy Street in downtown Mooresville for at least another two years, Eason said.
County Finance Director Susan Blumenstein said the county won't draw up the financing agreement until the spring or summer.
Blumenstein said the county can finance the building without a tax increase.
The new building will not only give the college the necessary room for general education courses, but also a chance to expand some of its existing programs.
Eason said the college wants to expand its allied health program and train more people to deal with the green economy.
More businesses want trained professionals who can provide eco-friendly services, he added. By providing more of this training in construction and energy management, the college will help prepare students for this new sector.
"It's very exciting," Eason said, "and now that we have the funding in place, we will be able to move forward."
MCC officials originally wanted to use the $250,000 it receives from the county annually for capital projects to pay for part of the project.
But Commissioner Steve Johnson advised the college to hold onto those funds for additional land acquisition.
"I would hate to see you lose some opportunity to buy some land," he said. "Given the depressed real estate market, we may run up on a deal."
Eason said the college isn't looking at any land in Statesville right now, but is interested in property in Mooresville.
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