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NMC board chief hopes to push facility reconstruction project
Northern Marianas College Board of Regent chair Frank Rabauliman looks forward to exploring financing options to help the college push through with its facility reconstruction.
He called a recent dialogue with U.S. Department of Agriculture area director Joseph Diego for a loan “exciting.” He said the college has taken important steps in addressing facility improvement, and that he is glad they are involving other grant agencies to help “realize the huge investments” in college reconstruction.
But he also said it would “not be an easy walk in the park,” and may require creative financing on the college’s part and constant dialogue with grant agencies and government.
The USDA rural economic development loan would have an “excellent interest rate” of 3.75 percent, according to college president Dr. Sharon Hart earlier.
But she also said the loan’s availability would depend on ensuring in the long run that a repayment source is identified for a loan that usually maxes out at around 35 to 40 years.
“The important thing for us is coming up with a plan and sitting down with our local leaders—especially the governor and the Legislature—to really get into those discussions about the future campus of NMC,” she had said.
The college has not undergone major reconstruction since it was built on or about 1955 as a single story, semi-concrete hospital.
