University seeking loan for new hall

Here's an article from the Times Tribune. The University is looking for a little help financing the proposed residence hall and a few other projects...

BY STACY BROWN
STAFF WRITER
09/11/2007

The University of Scranton is seeking a $30 million loan to help finance a new student residence hall and to make other improvements at the school.

Although the tax-free bond would be issued through the Scranton-Lackawanna Health and Welfare Authority, City Council must still approve the transaction. It's among 19 pieces of new legislation, with 268 pages of supporting documents, council is scheduled to consider tonight in its first meeting since a six-week hiatus that began in July.

"The city simply must act as a pass-through on this loan," Mayor Chris Doherty said. "We have no obligation whatsoever on this. We cannot be held responsible, there is no liability on our part, this is just procedural."

Under the 1986 Internal Revenue Code, the city's role is simply to declare that the project is desirable for the health, safety and welfare of the residents of Scranton. The school has expressed a desire to house all of its students on campus and potentially eliminate off-campus housing as an option, Mr. Doherty said.

The university is building a seven-story, 394-bed dormitory it hopes to be completed next year. Last week, university officials gathered for a blessing of the property and to announce that the dorm will be named after university benefactors Christopher "Kip" and Margaret Condron, Ph.D.

Condron Hall, which would be the largest residence hall on campus at 108,000 square feet, will be a sophomore hall and consist of two-bedroom, one-bathroom units that will each house four students. Occupancy is expected by August.

Council meets at 6:30 p.m. at City Hall.