According to University of Hawaii officials, the main Manoa campus will need approximately $407 million to fix a wide variety of deferred maintenance issues in 209 of their buildings. This amount does not even reflect any costs to modernize its facilities, but rather would go towards electrical and plumbing work, painting and roof repairs to bring the 101-year-old campus up to standards. Interim UH President, David Lassner, stated, "Investment was not made in keeping up with capital renewal, so as stuff that should have been fixed or replaced wasn't, it built up in a very large backlog. Some of these projects stretch back to the '90s."
The University of Hawaii had requested from the state's legislature for $76.8 million in general obligation bonds for health and safety repairs and $282 million for capital renewal and to fix deferred maintenance issues across their 10 campuses. This amount would have been issued over the next two fiscal years. However, the state legislature only approved $57 million for health and safety improvements and $50 million for deferred maintenance over the next two fiscal years. University of Hawaii officials would like the state to issue an additional $440 million in revenue bonds over the next six years to make the needed repairs. The school would pay the state back approximately $28 million per year in annual debt payments. To make these debt payments, the university plans to increase tuition revenue.
Source: Honolulu Star Advertiser, 11-17-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
