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August 21, 2009, 07:00 AM ET
Bryn Mawr College Gets Good Rates and Low Bids to Tackle Deferred Maintenance
Bryn Mawr College is going to take advantage of the deals it can get in a tough economy to tackle its deferred maintenance, says The Philadelphia Inquirer.
Joseph N. DiStefano, a staff writer, reports that a trustee pushed the college to tackle some $8-million in deferred maintenance around the campus. "With a Moody's 'Aa3' [investment-quality] rating, low debt, and no variable-rate debt, Bryn Mawr was able to borrow that money at rock-bottom 0.75 percent interest on new bonds," he writes.
Add to that the desperation among construction and maintenance firms, which are bidding low to keep people employed, and the college can stretch its money to repoint brick and dig plumbing out of the concrete in a Louis Kahn building.
Comments
1. rdittben - August 21, 2009 at 06:27 pm
We at the San Diego Community College District are doing the same thing. Are costs are approximately 25 percent less than our previous estimated costs for infrastucture, rennovation, and construction in this highly competitive bidding climate. It is also becoming more litigious with various bidders seeking advantage over each other. We are financing all of this with our $1.555 billion public construction bond program.
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