Coastal Carolina University approved funds Friday for a number of projects to "enhance the institution's academic and student life programs," according to a news release.
The university's Board of Trustees met Friday morning and decided to approve a $92 million supplemental bond resolution that it says will be used to acquire property and fund the construction for a major, new addition to the University's student resident facilities.
The project includes four new residence hall buildings, according to the release, to be constructed in two phases scheduled to be completed in 2015 and 2016.
The new complex will be on a 19.5-acre site known as the Elvington Property that is alongside the University's main campus. The four residence halls will house a total of 1,270 students.
The board also approved an additional $5 million for the proposed science annex, according to university spokesman, Doug Bell. Bell said the three-story annex was supposed to cost $25 million, but the board now said another $5 million is necessary.
The science annex is scheduled to be built in 2014-2015.
Also in the works, a renovation of the Jackson Student Center at a cost of $1 million. The university is already spending $12 million on a new annex to the student center.
The board also authorized, according to the news release, to terminate its lease of an 8,600 square foot building on Willbrook Boulevard in Litchfield Beach, at the request of the landlord.
The university's Lifelong Learning classes are usually held there.
The landlord will be working with the university to assist with the cost of CCU moving to a new facility, according to Bell.
The board also approved $1 million to renovate the Edward M. Singleton Building, which was the university's first building in 1963. The total estimated cost of the renovation project is $4 million. Approval was also granted for the second phase of the construction of a new central cooling facility at a cost of $1 million.
Finally, "The board also received and accepted the institution's annual audit, prepared and presented by Cline Brandt Kocheower & Co., P.A. For the fifth consecutive year, CCU received a clean and unqualified opinion. The term "unqualified opinion" means that the institution's financial condition and operations are fairly presented in its financial statements and the auditor has no significant reservation respecting matters contained in the financial statements."
