Banking & Finance, Economic Development, and Higher Education

Grand Rapids issues bonds for university

October 14, 2013
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A private university's construction project has crossed home plate.

Board members of the Grand Rapids Economic Development Corp. put the finishing touches on the Cornerstone project this month, as they authorized the agency to issue bonds on the university’s behalf to pay for a construction project the school has completed.

Cornerstone invested $5.4 million into a project that built an athletic center for the baseball team’s players and an undergraduate residence hall that can accommodate up to 92 students.

Both the center and the residence hall are located in the same two-story building, which offers 45,000 square feet of space and sits just beyond the center field wall of the new baseball stadium the university built at roughly the same time.

EDC counsel Dick Wendt said the university is using the $5.4 million in revenue bonds to also pay off a 2004 bond.

Wendt said PNC Bank has agreed to buy the new Cornerstone bonds and will hold on to the securities.

The bond sale is expected to close on Oct. 24. 

The stadium cost $2.6 million to build and much of the funding came from Jack and Mary DeWitt of Holland’s Request Foods. The DeWitts gave Cornerstone $1.5 million for the project. So the tab for the entire development — the stadium, the athletic center and the residence hall — is $8 million.

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