New College gets state approval for $47.5M financing plan tied to USF campus takeover

The Florida Board of Governors has unanimously approved New College of Florida s plan to borrow up to $47.5 million to finance its takeover of the University of South Florida s Sarasota-Manatee campus and refinance existing student housing debt. The approval clears a key hurdle ahead of a Dec. 31 deadline for New College to assume outstanding debt tied to the campus, which transferred to the college July 1. New College President Richard Corcoran welcomed the approval, saying the acquisition will allow the college to expand academic offerings, increase student housing capacity and make greater use of the approximately 32 acres acquired from USF. “We are building an institution with a bold vision for the future, and today s approval brings us another step closer to realizing that vision,” Corcoran said.  Under the approved financing plan, about $28.6 million will cover debt associated with Atala Hall, a 200-bed residence hall and student center on the former USF campus. Another $15.8 mil