Little Rock, AR – JonesboroRightNow.com – The ASU System Board of Trustees approved several resolutions for capital projects on the Arkansas State University campus Thursday.
The board unanimously approved Phase I construction for the Career Readiness Education & Skills Training (CREST) Center at A-State to proceed. When completed, the center will be around 70,000 square feet, with this phase representing the first 26,000 square feet of the facility.
Construction is estimated to cost $15 million and take 12 months. The project will be funded from various sources, including a $7.5 million grant from the Arkansas Department of Commerce’s HIRED Grant Program, $3 million in public and private funds, and $4.5 million in loan proceeds.
The center is a collaborative effort between A-State, ASU-Newport, and Arkansas Northeastern College. It aims to provide job-ready workers and credentials with a focus on advanced automated manufacturing, steel manufacturing, and food processing. Credits earned at the center will transfer toward a four-year degree at A-State, and it will be open to students, workers, and underemployed individuals.
In addition, the board approved a resolution to explore and pursue potential New Market Tax Credits (NMTC) financing regarding the construction and development of the CREST Center.
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“The NMTC program encourages investment in projects located in qualifying low-income communities and may provide access to private investment capital that can reduce the overall financing cost of the project,” the resolution read.
The board unanimously approved the project. Trustee Price Gardner recused himself from the vote, citing his law firm’s involvement with the NMTC application process.
The board unanimously granted a right-of-way easement to the City of Jonesboro to allow the construction and maintenance of pedestrian and bicycle improvements.
In other business, the board approved the following:
- Resolution approving the board to apply for a $5 million loan for the development of capital projects at A-State and ASU Newport
- Resolution allowing the board to pursue new business structures, including those for housing, academic buildings, research partnerships, and intercollegiate athletics
- Resolution approving the Chair of the Board to appoint a task force to work on a strategic plan for the ASU System’s operation
- Resolution approving the system to pursue NMTC for financing associated with the development and construction of the Health Sciences Center at Arkansas State University-Newport
- Resolution granting a right-of-way easement on ASU Three Rivers to the City of Malvern to construct and maintain a water main service line extension
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