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Proposed Budget Increase for New SUB Project to Enhance Student Experience

The council proposes increasing the budget for the New Student Union Building (SUB) Project from $103.26 million to $106.76 million. This adjustment, encouraged by the President and VP of Administration, aims to enhance operational efficiencies, collaborate on student services, and ensure sustainability. A $3.5 million contribution from AMS and a reduction in loan terms will mitigate financial burdens for students while fostering art installations and modern amenities. The initiative is backed by UBC executives and is pending Board of Governors approval.

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Proposed Budget Increase for New SUB Project to Enhance Student Experience

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Presentation Transcript

  1. New SUB Improvements Derek Moore

  2. Outcomes • Approve New SUB Committee Motion • “BE IT RESOLVED THAT Council direct that the budget for the New SUB Project be increased from $103.26 million to $106.76 million, and direct the President and the VP Administration to ask the University to amend the financing agreements to reflect this.” • Inform

  3. Introduction • Brief History • Financing Agreements • Current Stance • Scope • Renovation Contingency

  4. The Ask $3.5 million scope $1.9 loan increase to students $0.8 increase in down payment $0.8 saved on construction financing

  5. Solution • Increase AMS Capital Contribution by $3.5m • How? • Δ Student Enrolment • Impact • Books: Less on UBC Loan, None on AMS Operating, Increase for Students Overall • Repayment Term: Shorter by 8 years • For sure? • Projected/Confirmed by: AMS, UBC Treasury • Supported by UBC Executives • Pending BoG

  6. Why? • Art Installations • Operational Efficiencies • Collaborative AMS Offices • Brewpub -> Entrepreneur Centre • Re-Imagined Pit PUB and Perch • Sustainability Demonstration

  7. Items

  8. Questions? Outcomes Issue History Amount Finance Solution The List • “BE IT RESOLVED THAT Council direct that the budget for the New SUB Project be increased from $103.26 million to $106.76 million, and direct the President and the VP Administration to ask the University to amend the financing agreements to reflect this.”

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