MOUNT VERNON — Officials from Mount Vernon Nazarene University addressed Mount Vernon City Council Monday night to request its assistance in issuing an economic development revenue bond to expand the university’s Prince Student Union.
The 25-year bond, set for a maximum of $10 million, would be issued by PNC Bank, and would not obligate the city financially. Because MVNU is a not-for-profit institution, the city can issue bonds on behalf of the school which will provide for a no-interest loan.
According to Dr. Dan Martin, president of MVNU, the 6,500-square-foot expansion of the student union will allow for a new basketball arena which will seat 2,100 and offer multiple courts for basketball and volleyball. Special events will hold up to 3,000 people.
“This will be a great community benefit,” Martin said.
In addition to the arena, coach’s offices, classrooms, fitness center and a weight room will be added. The current gymnasium will be used for intramural sports for the general student body population.
Martin said the expansion will go a long way in not only recruiting athletes to the school, but also students, as the offerings will increase the value of student life on campus.
A combination of bond funds, reserved and institutional funds will pay for the facility.
A public hearing will take place Monday, Dec. 19, at 5 p.m. at City Hall regarding the city’s involvement with the bond issue.
Council is expected to act on legislation to issue and sell the bond during a special meeting following the public hearing.