SUNY Cobleskill is seeking proposals to build a new 156-bed residence hall on the site of the college's ski lodge off state Route 10.
The $11.4 million project, approved by the SUNY Board of Trustees in June, will be paid for with college funds and bonds issued by the Schoharie County Industrial Development Authority. College spokesman Scott Silversten said the college would repay the bonds using rental income paid by students using the new dorms.
The new residence halls are to be operated by a housing subsidiary of the SUNY Cobleskill Alumni Association.
The new housing would be situated where the Frederic R. Bennett Recreation Area & Ski Lodge stands. The ski lodge has been used periodically for events and gatherings and by student clubs and organizations for meetings, Silversten said.
According to a resolution approved by the SUNY Board of Trustees, SUNY Cobleskill will lease roughly 30 acres of land that will include the ski lodge property to be donated by the SUNY Cobleskill Auxiliary Services Inc., as well as land owned by the state. The SUNY Cobleskill Alumni Association will lease the land for 49 years and amortize the construction debt over a 30 to 35-year period.
The project is estimated to cost $11,354,000, with the college advancing $2 million from its dormitory reserve account -- $1.5 million of that to be repaid by the Alumni Association. The Alumni Association will secure $9.354 million in tax-exempt bonds through the Schoharie County IDA.
The new housing will feature four-person apartments, with double and single occupancy bedrooms, and it would be operated by the SUNY Cobleskill Residential Life office.
Construction is projected to begin around March 2012 and be completed in time for students to move in around August 2013.