Arkansas Tech University took the first step toward creating 426 new parking spaces on its Russellville campus during the institution’s Board of Trustees meeting on Thursday.
Trustees approved a plan to construct a new 119-space parking lot north of the Arkansas Tech baseball field and a new 307-space parking lot west of Turner Residence Hall on Glenwood Ave.
The new lots will more than offset the loss of the existing Wilson Residence Hall parking lot, which will be the site of construction for a new five-story residence hall due to open in fall 2013. That lot holds 121 cars, so the net gain in parking spaces will be 305.
Cost for constructing the lot west of Turner Residence Hall will be $349,694. Funding will come from the unappropriated educational and general fund balance.
It will cost $226,591 to create the parking lot north of the Tech baseball field, but funding for that project will come from revenue bonds associated with the Tucker Residence Hall renovation.
In other action on Thursday, the Arkansas Tech Board of Trustees approved:
*a reimbursement resolution that will allow the university to reimburse itself for costs associated with the construction of the planned new five-story residence hall that are incurred before the sale of revenue bonds; *issuance of housing system revenue bonds in the amount of $2.4 million to fund renovations to Tucker Residence Hall; *a request to renew the banking services agreement between Arkansas Tech University and Liberty Bank of Arkansas for the 2011-12 fiscal year; *issuance of a contract in the amount of $201,976 to Sports Floor Systems of Memphis, Tenn., to install a new, permanent hardwood court that will cover the entire arena floor area at Tucker Coliseum and be used by the men’s basketball, women’s basketball and volleyball programs at Arkansas Tech; *issuance of a contract in the amount of $1.344 million to EWI Inc., of Russellville to perform renovations at Tucker Residence Hall; *a transfer of $368,495 from the housing unappropriated fund balance to fund new furniture, repair work to walls and ceilings and electrical improvements at Turner Residence Hall; *a transfer of $21,000 from the unappropriated educational and general fund balance to perform improvements on the elevator in Crabaugh Hall; *a transfer of $65,000 from the unappropriated educational and general fund balance to pay for asphalt and street restriping on sections of O Street and North El Paso Ave. on the Arkansas Tech campus; *a transfer of $10,758 from the unappropriated educational and general fund balance to offset the cost of installing three new security gates to provide greater safety for pedestrian traffic on the Russellville campus, with one located on N. Boulder Ave. near McEver Hall and the other two situated on West Q Street east and west of the Ross Pendergraft Library and Technology Center; *refinancing the student housing revenue bonds from 1997 associated with the University Commons apartments in such a way to save the university $873,000 in debt service over the next 17 years; *a transfer of $90,660 from the unappropriated educational and general fund balance to cover the cost of upgrading the fire alarm system at Arkansas Tech-Ozark Campus; *a letter of intent to establish Morton Hall in Russellville as an off-campus educational site for programs offered by Arkansas Tech University-Ozark Campus; *and a request to establish an Excellence in Service to Campus Award and an Excellence in Teaching Award at Arkansas Tech University-Ozark Campus to provide a mechanism for faculty on that campus to be recognized by their peers.
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