$250M Kent State Construction Project on Hold

KENT, Ohio — A financing snag has derailed the proposed renovation and construction plan at Kent State – at least for the time being.

 

According to reports, Eric Fingerhut, chancellor of the Board of Regents, was against the implementation of a new student fee that would have been use to pay off $210 million in bonds from the Federal Stimulus Build America Bonds program. Unless it’s renewed, the federal bonds program is slated to sunset at the end of the year. University officials say the delay could result in another $57 million in construction costs.

 

Kent State President Lester Lefton, who advocated for the student fee increase on the ground that tuition is comparably low at the university, said that the school is committed to the construction program. He said the university won’t make any decisions on the matter until the state budget is issued by the governor’s office in March.

 

The university was reportedly able to make use of some of the Build America Bonds, which were used to finance the $24 million regional academic center in Twinsburg,