DePaulia (DePaul University, Chicago, IL), 1986-09-12

              Volume 65 Number 1 By Karen Jaye Special Columns editor DePaul university officials are expected to receive a refund of more than $50,000 from the construction of the new residence hall on the northwest corner of the Lincoln Park campus. ACCORDING TO BOB JANIS, director of physical plant, the cost of the four-story, eight-milliondollar structure did not exceed the budgeted amount, adding that he estimates the final project will fall under budget by $150,000. Janis explained that the university's agreement with Gerhardt F. Meyne and Co., general contractors on the project, includes a "guaranteed maximum price" clause. Under this, the contractors are legally bound not to exceed their bid price. In addition, they are obligated to return any unused funds. It is anticipated that the contractors will return over $50,000 to the university. "The likelihood of this refund is very good, contingent upon a recent conversation with the contractors," Janis explained. Something for, everyone ROOMS WITH A VIEW: University Hall affords its residents a look at the surrounding Lincoln Park area. University Hall is the result of 18 months of planning and a creative financing package by university officials. Initially, officials were uncertain whether to borrow the entire cost of the project, or to combine borrowing and donations to finance the project. FUNDING FOR THE PROJECT came from an $11.2 million dollar bond issue initiated by DePaul through E.F. Hutton and Co. in New York, and with the help of the Illinois Education Facilities Authority, explained Rev. Francis J. Harden C.M., university treasurer. With the income from the 30year, adjustable rate bonds, DePaul financed University Hall while acquiring and renovating a threestory apartment building at Sheffield and Webster. The apartment now houses 18 graduate students."We had eight or nine parties involved in setting the process in motion," said Harden,"which included various brokerage firms, banks, state and federal agencies, and the university. Sanwa Bank of Japan wrote a letter of credit for us and enabled our bonds to be rated AAA by Moodv's Investors' Service. The DePaulia University Hall opens doors on time Harden said that the DePaul bonds were a very liquid investment. "E. F. Hutton adjusts the interest rate every seven days to reflect the performance of the market. The bonds' liquidity is what makes them attractive. It's been very beneficial to DePaul," he said. "We've been averaging interest rates of just 4.5 per cent, with a low of four per cent." KENNETH MCHUGH, VICE president for business and finance, stated, "The fees collected from the residents of all four dormitories are used to pay out the interest on the bonds." He also explained that two funds also established an interest fund and a debt service reserve fund, will likewise ensure that the bondholders are paid the interest owed them. Due to the fact that the bonds have a 30-year maturity period, DePaul has the option to convert the variable rate to a fixed rate. McHugh explained that this rate will be approximately seven per cent. Of the $11.2 million, $9.1 million was allocated to both the construction of the residence hall and the rehabilitated graduate housing. By Mike O'Connor Managing editor It seems to be a constant complaint, that the library isn't open late enough. But pinning down whether the group complaining isa silent majority or a vocal minority is a problem in the mind of Doris Brown, library director. LIBRARY STAFF ARE PLANning a survey of patrons during the fall quarter, according to Brown, to determine if there issupportforexpanded hours. Brown feels that The balance was spent in the form of payments for services rendered to parties helping to engineer the bond sale. While the dormitory is fully operational for residents, Janis said that minor work is still being completed. "There have been some changes in the hardware which originated five to six weeks ago. We added new door openings for security reasons," stated Janis. Other work to be completed includes the replacement of temporary lighting, front desk security system, and an intercom call numbering system. Janis stated that the remainder of the work to be completed is being done with minimal disturbance to the residents.A CONTINGENCY FUND WAS established for miscellaneous items. According to Janis,fund had been depleted in payment for eight different items including: installation of new fire alarms, changes in the mechanical system, a $20,000 to $30,000 service charge fee from Commonwealth Edison, and other cosmetic and asthetic changes. Library fight focuses on hours knowledge that students would use the facilities is necessary before any step should be taken toward increasing hours. "Obviously it wouldn't pay to keep it open for two or three students," Brown said. "What school has its library open fewer hours than its intramural program?" Dale Tobias, former SA senator The Lincoln Park library is currently closed at 10:00 p.m., Sunday through Thursday. Saturdays it is open from 10:00 a.m. until 6:00 p.m. It opens on Sunday at noon. Hours for both campuses are listed on page five of this issue. September 12, 1986 Photo/Vanessa Brechling, Photo editor Overall, feedback from the students, faculty, and the community is positive. Walt Perry, associate of student life/residence life, offered his feelings for the dormitory stating that he is very proud and excited with the new facility adding, "maybe a little bit concerned. We've already seen a bit of wear and tear and abuse. Some of it is to be expected. I just hope students won't be abusing it." Commenting on the actual materials for the interior Perry stated, "We are committed to provide fine facilities for students, and for the most part, 95 per cent will take pride and keep the dorms clean and attractive." The community likewise, voiced its opinion of the new dormitory. Larry Blankstein, chairman of the Sheffield Neighborhood Association Planning, stated, "We are very pleased with the new dormitory. In fact, We want to commend DePaul and the architects for the design of the hall. The people at DePaul who have worked with us have worked very hard and have been very supportive of us, and we want to be very supportive of DePaul." "Two years ago we stayed open until II p.m. for three weeks in the fall quarter," said Brown. "We had a poor response. I don't know if it was publicized as well as it should have been." Senior Dale Tobias is one of the students displeased with the hours. As an academic senator in the Student Association (SA), he proposed to university president Rev. John T. Richardson, C.M, that there was a need for expan. hours. That was last spring guarter continued on page5