Niagara University plans $5 million worth of improvements to its infrastructure in coming years, especially its residence halls, after it received approval Wednesday to refinance its existing portfolio of bonds.
The Niagara County Industrial Development Agency allowed the university to refinance more than $35 million worth of bonds issued with county approval in 2012, and the refinancing also will produce $5 million in new money.
University spokesman Thomas Burns said some of the 16 residence facilities on campus will be upgraded.
The 2012 bonds were tax-exempt for investors, but interest on the refinanced bonds will be taxable, NCIDA attorney Mark J. Gabriele said.
Proceeds from the 2012 bond issue paid for construction of the B. Thomas Golisano Center for Integrated Sciences, administration building renovations and 500 parking spaces.