WILMINGTON — A $97-million housing purchase for UNCW was recently signed into law.
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On June 28, Gov. Roy Cooper signed five bills — one being House Bill 912, allowing four North Carolina public universities, including UNCW, to finance capital improvement projects.
The bill allows UNCW to use $97,400,000 for the purchase of the Seahawk Housing Complex from the UNCW Corporation. Established in 2002, the corporation is a nonprofit that helps oversee and assist with the acquisition and financing of capital assets for the university.
Developed by the UNCW Corporation in 2006, 2007, and 2009, the on-campus housing complex includes Seahawk Village, Seahawk Crossing, and Seahawk Landing. Together, these three buildings accommodate a total of 1,795 students.
“The UNCW Corporation was originally used to develop the Seahawk housing facilities — as it provided flexibility in the overall development process,” Sydney Bouchelle, communications specialist, for the university wrote in an email Monday. “The University is now interested in acquiring the Seahawk properties directly, as it could provide several operational and financial benefits.”
The self-liquidating process involves leasing buildings from the UNCW Corporation, and buying them back while the interest rate is low. According to Bouchelle, legislative approval was necessary for financing the acquisition. The $97 million allocated by the bill is already reflected in the university’s fiscal year 2023 financial statements.
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