By: Ken

Ken
Wed, 06 Dec 2017 16:41:12 +0000

This is spot on, when the deal was made, my back of the envelope calculation indicated a minimum cost of approximately twice the average rate of return on endowments over the fifty years (using conservative estimates). If you were to take into account that they had to locate other funding for the entire transit budget, millions in annual debt service and some of the operation once paid for with parking revenue, the cost of funds soared to high risk credit card rates with concessions that will be the bane of future university leaders existence. Essentially this was done to have a big pot of money now and kick the can down the road for future faculty staff and students to suffer by paying for this.