Today the Board of Regents will be asked to approve the Recreation Facilities Expansion and Renovation project’s program statement, financing plan and bond schedule. Since early summer, students, university administrators and the Recreation Services Department have been working diligently with architects to develop a complete plan that will meet students’ needs and expectations, while staying within budget.

In discussions with the student body, two key concerns have surfaced. These include how students will get what they want and what they were promised and how the costs and financing of the project will be affected by the volatile economy we are all experiencing. These are very valid concerns, and the Recreation Facilities Expansion and Renovation Planning Committee continues to place student needs, costs and the financial stability of the project at the forefront.

Since the programming stage began this summer, students have made up half of the planning committee, representing various leadership organizations across campus. In addition to campus leaders being able to give input, the entire student body was invited to respond to a survey from July 30 to Aug. 5. More than 2,500 students, forming a representative sample of the student population, including freshmen, responded to this survey. In addition, seven focus groups and two town hall meetings were offered to gather feedback.

This feedback allowed the committee to objectively deliberate what would truly be needed for the project and what would be cut with the limited resources, space and budget available. For example, nearly 65 percent of respondents confirmed the desire to have a skywalk connecting Beyer Hall and the State Gym expansion. Certain specialty services, like more indoor turf areas, were not largely desired and not included in the new project. The committee closely evaluates this and any future feedback.

The financial feasibility and stability of this project continues to be assessed with any additional amenities. This past month has been a historic time in the global economy, and there seem to be incredible amounts of uncertainty with every economic transaction.

The bonds that the Board of Regents issues are double-tax free bonds for purchasers from Iowa, meaning that their earnings are exempt from both state and federal taxes. These are categorized as quality bonds and receive rates similar to those with AAA ratings. The recent volatile stock market and sizable sell-offs have meant that more investors are looking for secure and low risk investments. This has meant the demand for these bonds has grown. The bonds for this project will be sold at the April board meeting; however, tomorrow’s other bond sales will demonstrate how this market is reacting to the rest of the economy.

The total cost and original budget have remained constant throughout this process. The planning committee analyzes changes in costs with every different option considered and every change in the market. Not only are these upfront costs closely considered, the long term operating costs and sustainability factors for future generations of ISU students have been carefully assessed. Thanks to great cooperation between students, administrators and the entire planning committee, there has been and will continue to be an appropriate stewardship of students’ investments.

This recreation project will be designed to serve all students who have many different recreational and fitness interests. You can read more about the project at www.public.iastate.edu/~saff/recrenovations.php, sign up for regular e-mail updates and ask any questions that you may have.

— Daniel Fischer is a senior in agricultural business from Neola. He is the president of the Government of the Student Body.