Trustees Refinance Bond Debt, Review Enrollment

Refinancing could save taxpayers $5.4 million over decade

Parkland College District 505 taxpayers could save approximately $5.4 million over the next 10 years on debt payments following a measure taken by the college to refinance existing bonds issued to build the Student Union and make campus improvements.   
 
At its regular meeting Wednesday, Parkland's Board of Trustees approved a proposal from PMA Securities to move forward with a negotiated sale of up to $53.25 million in bonds at lower interest rates, potentially reducing the college's total tax burden by approximately 1.8 percent.
 
For the typical homeowner, this will translate to a savings of $3.33 per year per $100,000 of market value. Chief Financial Officer Chris Randles stressed the importance of taking advantage of current market conditions to benefit the community.
 
"While the college is not required to refinance, we are pleased to be able to reduce the tax burden on property owners in our district where we can," Randles said. "As stewards of public dollars, it will be well worth the work our team will put in to make it happen."
 
The board also received a spring enrollment update from the college's new dean of enrollment management, Kristin Smigielski. Smigielski shared that Parkland's spring 2018 enrollment was flat compared to spring enrollment the previous year, a welcome leveling off amidst national community college enrollment declines of 2 percent for the same term. Notably, dual credit enrollment from local high school students increased by approximately 23 percent from 2017 to 2018.
 
The Trustees also heard report on the Broadlands Wind Farm project, with no action taken.
 
In other business, trustees approved the following:

• Hendrick Dorms, Inc. of Urbana as the new food service provider for Parkland College beginning Aug. 1, under a five-year contract. The contract allows Hendrick Dorms to operate on campus with no revenue sharing for the first school year and negotiated revenue sharing in subsequent years. Parkland College will provide the food serving and preparation areas to Hendrick Dorms at no cost. Hendrick Dorms is replacing Chartwell's Dining Services, which decided not to renew its food service contract with the college.

• the Amendment to Lease Agreement that will extend the Champaign County Regional Planning Commission's lease in the Illinois Worknet Center at Parkland on Mattis through June 30, 2023. The Department of Commerce and Economic Opportunity provides funding through the CCRPC to help adults, dislocated workers, and youth within the region obtain career training in high-growth, in-demand industries.

• $48,000 in engine repair services from Poplar Grove Airmotive, Inc., Poplar Grove, Ill.

• the employment contract of Tracy Wahlfeldt as executive director of the Parkland College Foundation, effective June 26, 2018, through June 30, 2021.

• personnel appointments:

  • Brook Van Gundy, Certified Flight Instructor, Institute of Aviation

  • Judith Somers, Nursing Tenure-Track Faculty, Health Professions

  • Joseph Jessee, Groundskeeper, Physical Plant

  • Marvin Palmer, Custodian, Physical Plant

  • John Strack, Carpenter, Physical Plant