YOUNGSTOWN, Ohio (WKBN) – On Tuesday afternoon, Youngstown State’s board of trustees approved the borrowing of up to $40 million for the renovation of Kilcawley Center. The loan includes some wiggle room because, as the trustees were also told, the cost of the renovation has already exceeded its original estimate.
Neal McNally, Youngstown State’s VP of finance, began the board of trustees meeting with where the cost of renovating Kilcawley Center stands now.
“The total project cost is now estimated to be north of $50 million,” he said.
It’s $51.9 million, a number they learned after receiving the first bids. The original estimate three months ago was $43 million — that’s an increase of 21%.
Kilcawley’s renovation will be re-bid on February 10.
President Bill Johnson understands construction costs.
“I’m disappointed that was far off as it was, but I’m not surprised by that because I know there are a lot of factors we don’t control,” he said.
The board also unanimously approved borrowing up to $40 million to pay for the renovation, though the budget calls for $35 million of it to be used.
“That’s because having debt authority of up to $40 million will provide an additional measure of contingency just in case,” McNally said.
Neither Board Chairperson Michael Peterson nor President Johnson were concerned about the added debt.
“YSU has shown over time that they are just that — fiscally responsible. So, no, I think we’ll be more than fine,” Peterson said.
“We’re well over halfway there already with what we’ve raised and with what the state has so graciously contributed, and we’re not by any stretch of the imagination finished with the fundraising process either,” Johnson said.
There are already pictures of what a renovated Kilcawley Center will look like, and despite the increased cost and the need to borrow money, there is excitement over the project.
“When you listen to students talk about it around the country, a student center’s important for them. They spend a lot of time there. So it’s a great investment,” Peterson said.
“We want them to come here and see a university that they believe has vision to the future because the future is coming really, really fast,” Johnson said.
The plan is to start the renovation of Kilcawley Center in May and have it finished by September of 2027.
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