Kutak Rock Serves As Bond Counsel for Campus Instructional Facility and Feed Technology CenterNews | June 3, 2019
Kutak Rock served as bond counsel to the Illinois Finance Authority for its $64,560,000 Academic Facilities Lease Revenue Bonds (Provident Group - UIUC Properties LLC – University of Illinois at Urbana-Champaign Project) Series 2019A and its $6,965,000 Academic Facilities Lease Revenue Bonds (Provident Group - UIUC Properties LLC – University of Illinois at Urbana-Champaign Project) Taxable Series 2019B. The proceeds of the Series 2019 Bonds provided funds to (a) finance the cost of the design, development, construction and equipment of an approximately 124,000-square-foot Campus Instructional Facility (the “CIF Project”) to be located on the campus of the University of Illinois at Urbana-Champaign (the “University”); (b) finance the cost of the design, development, construction and equipment of a new Feed Technology Center on the campus of the University (the “FTC Project”); (c) finance the cost of certain Offsite Improvements, including certain Utility Improvements; (d) fund interest on the Series 2019 Bonds during the period of construction of the Series 2019 Projects and the Offsite Improvements and for approximately three months after the completion of each of the FTC Project and the CIF Project; and (e) pay the costs of issuing the Series 2019 Bonds.
The Campus Instructional Facility
The CIF Project will predominantly service the College of Engineering, but also the broader University community. The CIF Project will be a four-story, approximately 124,000-square-foot building, and will include traditional classrooms and lecture halls as well as open and flexible spaces for formal and informal interaction throughout the building. Interactive digital and audio-visual technologies will be integrated into the classrooms for more connected students, faculty and visitors. Student amenities, food and gathering spaces will also be provided.
The CIF Project will prioritize sustainability through a high performance, passive design minimizing demand on campus utility infrastructure, including campus chilled water and steam. In addition to energy efficiency measures, the project will emphasize water efficiency and best practices in sustainable construction. The CIF Project will pursue certification under the U.S. Green Building Council LEED v4 for Building Design and Construction designation.
Proceeds of the Series 2019 Bonds will also finance the CIF Geothermal Field and associated piping connecting the geothermal field to the CIF.
The Feed Technology Center
The College of Agriculture, Consumer and Environmental Sciences currently utilizes its nearly 100 year old Feed Mill and Service Unit to perform research and provide graduate training. With the current facility’s mechanical systems quickly growing outdated, the new FTC Project has been deemed necessary to maintain the University’s reputation for innovation in nutritional and animal sciences.
The FTC Project will provide space to test technologies, design new products and provide hands-on training for graduate students and industry personnel.
Offsite Improvements and Other Improvements
The proceeds of the Series 2019 Bonds will also be used to fund certain Offsite Improvements, including Utility Improvements. The Offsite Improvements will include paving for vehicular and pedestrian access to the Series 2019 Projects, replacement of a parking facility, landscape and planting, and hardscape. Utility Improvements includes underground utility infrastructure servicing the Series 2019 Projects.
Proceeds of the Series 2019 Bonds may also finance certain buildings adjacent to the FTC Project.
Kutak Rock partners Jennifer Barrett, Kevin Barney, Larry Carlile and Fred Marienthal worked on this financing.