The LDC’s board voted Thursday morning to approve the bond issue, which will save Pace about $15 million in interest payments over 30 years and eliminate the need for Pace to maintain a $10 million reserve fund for the borrowing.
The borrowing from bond investors will help Pace with the first phase of a makeover for its Pleasantville campus, which includes the construction of new residences halls with 758 beds, the renovation of the student center and an upgrade of athletic fields, among other improvements.
Bill McGrath, senior vice president and chief operating officer for Pace Westchester said the goal is to make the campus a more pedestrian friendly and greener environment; the university is selling its Briarcliff campus, which is appraised at $34 million.
Pace is the county’s largest university and in 2010 it contributed about $64 million to the local economy through direct and indirect spending, according to County Executive Rob Astorino’s office.
“At no cost to taxpayers, we’re able to help one of our great educational institutions broaden its reach and do what it does best,” Astorino said in a statement.