Victoria College Board of Trustees approves order calling bond election

VC President Tom Butler

New Emerging Technology Center will meet community’s training needs

At a special meeting on Monday, March 5, Victoria College’s Board of Trustees voted to place a $22 million general obligation bond on the May 12 ballot for election.

The bond will support the facilities master plan approved by VC’s Board of Trustees in January. Funding will be used for construction, expansion and renovation projects required to meet enrollment and program growth at VC.

Primarily, funding from the bond will be used to construct an Emerging Technology Center to provide much needed space for corporate and industrial training.

Providing customizable facilities that will meet the demands of the community is an important element of VC’s strategic plan, said VC President Tom Butler.

“The goals we set to accomplish the strategic plan include the need to establish a regional workforce and emerging technology training facility to provide customized training to area business, industry and individuals,” said Butler.

According to Butler, the College has spent the past two years examining existing buildings while working to refine the requirements for the proposed facility.

“Currently, there are no existing buildings that could meet all the requirements for the Emerging Technology Center,” said Butler. “This new facility will provide a solution for one of the biggest challenges facing VC—a lack of adequate space to meet the growing needs of our workforce training programs.”

The new facility will allow VC to meet the current and future training needs of new and existing business and industry. In addition to providing a new home for VC’s current Workforce and Continuing Education training classes, this expansion will also enable VC to offer certificates and degrees in new and in-demand careers such as industrial maintenance mechanic, machinist, oil and gas technician and logistics and operations management. The expansion will also free up space on VC’s main campus for the College’s growing academic programs.

The building will be approximately 80,000 square feet and designed to accommodate future expansion.

Building design will include high bay training labs for industrial applications. Rapid response labs that can be configured to meet emerging needs will also be included along with welding labs, instructional computer labs and traditional classroom spaces. Flexible use meeting rooms with a potential seating capacity of up to 400 will be included to accommodate large-scale training events and corporate conferences.

Assuming a term of 20 years with an interest rate of 3.25 percent, for Victoria County taxpayers, the bond election would result in an additional 2.97 cents tax per $100 of assessed valuation on real property. The “Over 65 Homestead Exemption” will be applicable on this bond.

A homeowner with $100,000 residential property who currently pays $160.60 per year in property taxes would owe an additional $29.70 per year. The amount could be less if the interest rate on the bonds is lower than 3.25 % or tax appraisals are higher.

“As we look toward the future growth of the region’s economy, VC must be prepared to meet the needs of its students and support local business and industry,” said Butler. “This new facility will ensure we can do that with both adequate space and state-of-the-art training resources.”

 

posted on Monday, March 5, 2012 by Katy Long

Published: Monday, 05 March 2012
 

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