Amid the construction projects going on this year, the building that received an $8 million dollar commitment from Tom Benson awaits a budget estimate approval to move forward.
The old library, now known as the Tom Benson Jesuit Center, is what Kurt Bindewald, director of University Ministry, described as “at a standstill.” He said they are currently waiting for a definite response from the contractor about the cost estimates for the renovation plans.
Though waiting for the cost estimator is a roadblock to renovations of the building, fundraising is also a challenge. The estimated cost for the renovation is expected to run around $12 million to $18 million. The building will be privately funded with the option of using bonds. However, bonds cannot fund religious areas of the building.
“Bond financing involves selling bonds to obtain the capital to fund construction,” said Leon Mathes, associate vice president of Financial Affairs. “Tax-exempt bonds cannot be used for religious purposes owing to IRS regulations.”
“Bond investors do not incur income tax liability from the interest income earned from tax-exempt bonds. It has not been determined if bond financing will be used to finance the construction,” he said. “Since the building will not be 100 percent religious purposed, some mix of taxable and tax-exempt bond financing is an option.”
Bindewald said he thinks having the building split between religious and academic qualities is important.
“This is what makes this building so unique. For the fact that it is both religious and non-religious,” Bindewald said.
Tom Benson’s commitment of $8 million will be distributed in phases of the renovation, so the spending will not happen all at once. As of now, University Ministry officials know they will have to raise additional money for the center. Bindewald said the chapel is the most attractive part of the building and will hopefully be an incentive for people to donate money.
If the cost estimate comes back and is too expensive to maintain the historical nature of the old library, there could be consideration in tearing the building down and starting completely new.
“It’s frightening and exciting at the same time,” Bindewald said. “Once we get the final price, we move from there.”
The design of the Jesuit Center is not finalized. Bindewald said the rough design features office spaces, the chapel and potential conference or classroom spaces. Planned to move into the center are all offices and branches of University Ministry, including the Magis lounge, Loyola University Community Action Program, service learning and another branch that will be a center for Loyola-related community and volunteer service. This branch would evaluate the impact of community service on Loyola’s campus and the New Orleans community, evaluate grant money and awards and build stronger relationships with community partners, which would centralize all University Ministry-related information.
“It’s great that we’re visible on campus, but we’re not all in one central place,” Bindewald said.
He also said having the Jesuit Center in the center of campus is symbolic and intentional.
Kristen Diaz can be reached at [email protected]
