The WKU Student Life Foundation will borrow up to $55 million to pay for repairs of Normal and Regents Halls after the Bowling Green City Commission approved issuing bonds to the SLF, the nonprofit that owns WKU’s residence halls, last week.
The repairs follow the May closures of both Regents and Normal due to structural issues. Both halls will be closed for at least the 2025-26 academic year.
The SLF also received $42 million in bonds from the city in 2019 for the initial construction of Normal and Regents halls. WKU also used bonds from the city in 2010 for renovations to Diddle Arena.
The bonds will have an adjustable interest rate with a maximum interest of 10%. The SLF will have to pay interest for two years, after which they are expected to be refinanced, said Mark Rawlings, speaking on behalf of the SLF at the meeting.
Rawlings is a director of public finance at Baird, an international financial services firm. Rawlings and Jeff Meisel, Bowling Green city manager, both clarified that the city has no liability for the debt.
“We’re not paying any debt on these bonds; these would all be serviced by the WKU Student Life Foundation,” Jeff Meisel, Bowling Green city manager, said at the meeting.
Repairs recently began on the first and second floors of Regents Halls, with the majority of the work focused on the ceilings. Inspection reports found the ceilings in both Normal and Regents halls failed to meet fire codes.
Before the closure of Normal and Regents halls, the SLF was forced to close Hilltopper Hall in February 2024. Hilltopper Hall was originally constructed in 2018 for $40 million.
All three dorms were found to have extensive structural issues, forcing them to close. Hilltopper Hall will be demolished, the SLF announced in May.
