ALPENA - The Alpena Community College Board of Trustees is moving forward with ACC's Electrical Power Technology Center planning. According to President Olin Joynton, the center will be a new facility as an extension of the World Center for Concrete Technology, with an addition of approximately 18,500 square feet for classrooms, equipment labs, offices, and bays for four bucket trucks and equipment.
"Right now, we're at the stage for the final push for fundraising," Joynton said. "The most optimistic projection for project construction is in 2013, when the ground thaws out."
Joynton said the center will transform the utility technician and electrical apprentice programs, with new programs training technicians in substations, relay and control metering, and power generation technologies.
In order to move forward with the project, the board approved a new issuance of bonds to ensure cash flow for the construction of the Electrical Power Technology Center building project.
"There is a need for over $1,300,000 in cash to assure that sufficient funds are available to fund the required match for the state of Michigan's commitment, funding half of the nearly $5,000,000 project," he said. "However, the college must pay half before the state provides half of its funding."
Joynton said ACC will have at least $1,200,000 in cash from donations for the project by the time it needs to start funding the construction portion of the project. However, he said the remainder of the pledges will be received over a five-year period.
"With low interest rates we could borrow additional amounts necessary to have cash on hand for the project," he said. "We really need another $1.3 million to move forward with the project."
Therefore, a new issuance of bonds also was approved by the board to refinance existing bonds. The board also approved the issuance for the construction of the Center Building and Pathways project. The terms of the new bonds will be over a 10-year period ending March 1, 2023, with an anticipated average interest rate at or below 2 percent with an overall net saving of $50,000 over the 10-year period.
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