Georgetown’s new science center could receive a major boost in funding thanks to a application recently submitted by the University for $90 million in tax-exempt revenue bonds. Associate Vice President of External Relations Linda Greenan announced the application at an Oct. 4 meeting of Georgetown’s Advisory Neighborhood Comission.
Approximately $74 of the $90 million of the bond revenue is targeted for the science center, according to an email from Associate Vice President for Communications Julie Green Bataille.
The science center is a projected $98.5 million project, and is on track to open in the fall of 2012. The project was stalled due to insufficient funding, but it was revived by a $6.9 million federal stimulus grant from the National Institute of Standards and Technology.
As DeGioia explained in a Sept. 1 interview, the biggest financial challenge for the University will be maintenance of the new science building once construction is completed. The addition of the bonds will enable the University to cover the cost of construction and support ongoing operating costs once the center opens.
