Features: April 15, 2002

Troy IDA To Issue Bonds for Campus Construction Projects

The center for biotechnology and interdisciplinary studies recently won site plan approval from the Troy City Planning Commission and the Troy Industrial Development Authority has approved $220 million in tax-exempt bonds to help finance Rensselaer's plans for campus construction projects and improvements.

Along with the biotechnology center, the financing will fund construction of a center for experimental media and performing arts, a parking garage, a boiler plant, and a chiller plant, and for related improvements to campus landscaping and infrastructure. The projects, totaling $255 million, were approved by Rensselaer's Board of Trustees in December.

The agreement is expected to generate approximately $500,000 in revenue for the City of Troy, which will be used toward economic development initiatives.

The new biotechnology center will be built on the west side of 15th St. Preliminary site work has begun and groundbreaking is scheduled for May 17. The facility is expected to be completed within two years.

The center for experimental media and performing arts will be erected on the hill overlooking 8th St. and adjacent to Folsom Library. Groundbreaking for the building is slated for 2003.

The parking garage will be built on the south side of campus, along College Avenue. Construction will begin in May and is expected to be completed by July 2003.

For further information see Times Union, article "A likely boon to town and gown".