The campus paper reports the nitty-gritty dollar amounts of bonds and loans for the four sorority houses, as well as for a new Phi Delta Theta house (which I hadn’t seen mentioned previously):
http://www.cw.ua.edu/2010/11/08/witt...rollment-goal/
Excerpts from article:
. . . The Board also approved the construction of a new Phi Delta Theta Fraternity house, located on the corner of University Boulevard and Second Avenue.
The University will fund the project via future revenue bonds. A bond of about $10 million will finance Alpha Delta Pi’s construction, which will be in the form of a loan to the sorority in the amount of about $7 million. The remainder of the balance will be accounted for by the appraised value of the existing house, as well as cash reserves.
Alpha Gamma Delta’s construction requires a bond of about $8 million. The sorority will receive a loan in the amount of about $6 million. The remainder of the balance will be accounted for by the appraised value of the existing house, as well as cash reserves.
Delta Delta Delta’s house will be funded by a bond of about $12 million, with their loan allocation around $9 million. The appraised value of the existing house, as well as cash reserves, will account for Delta Delta Delta’s difference, as well.
Delta Gamma, which will come to the University in fall 2011, was granted a future revenue bond from the University for the construction of their initial sorority house. The nearly $6 million bond will be in the form of a $5,750,000 loan. The remainder of the balance will be offset by funds provided from Delta Gamma’s National Housing Corporation.
Phi Delta Theta was granted about $6 million in future revenue bonds in the form of a loan of about $5 million. The difference will be accounted for by the appraisal of the current house in addition to the fraternity’s cash reserves.