To: advise@MIT.EDU, response@MIT.EDU Subject: Minutes from the Capital Expenditures Meeting Date: Wed, 15 Sep 1999 18:44:15 -0400 From: John S Hollywood Hi, everyone, The Capital Expendtures Subcommittee met today at 3 pm. We recommend the following projects, staggered in three stages: I. PHASE 1: to be completed (or have funding earmarked) by the summer of 2001. A. Renovations to dormitories to reopen dining halls and create new programming space $15 Million B. Funds to buy / rent FSILG space from houses that would otherwise fold, thus keeping the spaces in the housing system. The spaces could be used for new FSILG's, theme houses, or, depending on student distribution, as graduate houusing. (Assumptions: ~10 houses may fold * ~$2M per house, plus a safety factor) $25 M C. Funds to renovate FSILG's (assumptions: average of $300K of needed renovations identified by the AIFC's recent survey, times 36) $10 M Total, Phase I: $50 Million II. PHASE 2: to be completed by the summer of 2004. A. New graduate dormitory (assumes 500 beds $50 M *$100K per bed) B. New undergraduate dormitory. Needed to: -- Eliminate overcrowding. -- Add additional flexibility into system; allow for FSILG's to move to the dorm, for instance. -- Buffer MIT's dependence on ILG's. (Assumes 400 beds * $100K per bed) $40 M C. Renovations to East Campus (really needs to be done) $27 M Note: Random might also be a Phase II project; it depends what the long-term status of the dorm will be. My understanding is that the building has fundamental structural problems, and cannot remain a dorm for more than ten years or so. If the latter is true, the new dorm would be needed to move Random, as well. Total, Phase II: $117 Million III. PHASE 3: to be completed by the summer of 2009. A. Second 500-graduate dormitory, thus going a long way towards satisfying the MIT's historic commitment to housing 50% of graduate students on campus. $50 M B. Remainder of deferred dorm maintenance schedule, less EC and $45 M fire/safety renovations already on the capital plan. (Total on the schedule: ~$130 M) $58 M C. Renovations to Walker Memorial. These would be $25 M comprehensive renovations that would greatly expand the size of the building. Certain renovations to the kitchen areas may need to be done before this. Total Phase III: $133 Million Grand total of spending not currently on the Capital Plan: $300 M We recommend that Phase I and II ($167 M) be funded from the Capital Campaign, or from "off-ledger" methods, since we recognize that MIT cannot borrow the money for these projects. Phase III, however, could use the standard capital funding mechanisms. Jake Parrott volunteered to write up the text of the case; the rest of us will edit. Feel free to send in any questions or comments. Thanks! --John Hollywood