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The Gainesville Redevelopment Authority approved the final terms of a $1.75 million bond this morning that will allow Brenau University to update some heating and air systems throughout its 50-acre main campus.
The private activity bond was approved at a short meeting held at the Greater Hall Chamber of Commerce as part of the 2007 Gainesville Redevelopment Authority Special Project Revenue Obligation in conjunction with the Brenau University, Inc. Project. The University is obligated to re-pay the bond, and taxpayers will not be shouldering the costs.
The university currently utilizes a centralized system, but acquired the bond to update the heating and air infrastructure so that it runs with more energy and operating efficiency.
“Their current system is pretty antiquated,” said Tim Evans, vice president of economic development at the Greater Hall Chamber of Commerce.
The Brenau school dates back it its establishment in 1878 and features many historic buildings on its Gainesville campus. The 747 students enrolled in the Women’s College and 1,420 more evening and weekend students stand to benefit from the updated heating and air system.
“Often whatever’s good for Brenau is good for the community,” Evans said. “Brenau is such an important part of the community.”
The Georgia Foundation for Independent Colleges estimates that the annual economic impact of the university on Hall County is more than $68 million.