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DIXIE STATE College of Utah Public/Private Student Housing Project.

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Presentation on theme: "DIXIE STATE College of Utah Public/Private Student Housing Project."— Presentation transcript:

1 DIXIE STATE College of Utah Public/Private Student Housing Project

2 40 Years: 700% Enrollment Increase, No new housing Dixie State College has a critical need for new housing stock on the campus. The existing student housing was built in 1962 and 1968 in traditional dormitory style sans kitchens and living rooms. Dixie’s enrollment in 1968 was 1,074. With a student body of nearly 9,000 and continued strong growth anticipated, the current 250 beds on campus are woefully inadequate. Historically Dixie State has had a mix of about 2/3 Washington County students and 1/3 from outside the county.

3 Private Housing is Limited by Available Space During the 70’s, 80’s, and 90’s the College encouraged private developers to build new apartment style housing near the campus. A total of 1,500 beds have been built in off campus locations; some as far as two miles from campus. Private housing developers haven’t been building around the campus in recent years because of the lack of available land.

4 In 2005 Dixie State was authorized by the Building Board to complete an architectural program for new housing. The resulting plan called for a phased 500 bed facility at a total cost estimated at $23,629,280. Dixie State lacked the bonding capacity to accomplish a phase one of this programmed housing and the plan for new on campus student housing was shelved. 2005 Student Housing Architectural Program

5 Rapid enrollment growth during the past three years has prompted the College to look at the housing options through a new set of lenses. A Student Housing Feasibility and Market Analysis was conducted by Brailsford & Dunleavy in 2009. Their total cost estimates using traditional bonding were between $59,000 and $68,000 per bed. These estimates again led Dixie State to the conclusion that the conventional bonding approach was out of reach for the institution. Dixie Seeks a New Approach to Student Housing

6 Dixie State studied the state and national private student housing options. Developers came to campus to present options for a public/private. partnership Dixie Studied Public/Private Student Housing Options

7 The public/private partnership will not require state funding or student bonding. The planned 314 bed three story facility includes the latest in student housing design: Layered security from the exterior entrance to the bedrooms Study rooms Building wide Wi-Fi Recreation amenities Kitchens, living rooms, and options for private bedrooms Best Solution to Address the Student Housing Shortage

8 Financial Summary Construction$8,310,000 Furnishings$477,630 Amenities$210,000 Total Project Cost $8,997,630 Shared Room Monthly Rate$290 Private Room Monthly Rate$525 Occupancy Rate: Fall & Spring95% Summer50% Supplemental Rents (Conferences & Camps) Total Annual Income$1,199,175 Net Operating Income$734,059 Annual Payment @ 5.75%$613,051 Coverage Ratio1.2

9 Public/Private Partnership Concept Dixie State will lease land for the student housing development, adjacent to the current student housing. The Student Housing development will revert to the College at the end of the lease. Compliance with Policy Regents 712 (Nontraditional Arrangements for Development of Facilities and Campuses) Utah State Code 53B-20-103 (Powers of state board -- Capital facilities projects -- Exceptions) 53B-21-108 (Financing project by contract or lease agreement instead of by bond issue -- Authority of board -- Term of lease -- Terms of agreement -- Board covenants)

10 Lease Development Model Dixie State issues RFP for Lessee/Owner to finance and develop student housing. Lessee/Owner contracts with developer/contractor to design, build, and operate student housing. St. George City and Washington County offer lease guarantee. City of St. George & Washington County Financial Group Dixie State College Developer Operator

11 Thank You! 1.The most effective and efficient way to meet Dixie’s critical housing shortage. 2.Funded with outside capital - no state bonding required. 3.No student fees required. 4.Dixie State College will be gifted the housing property after the 30 year lease. The Best Student Housing Option For Dixie State

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