Students pay a $6.50 per-credit, capital-improvement fee, and this fee is currently directed entirely toward the academy’s debt service. The university’s Fire Science Academy closed in December, but its capital debt carries forward.
The approved debt buy-down plan includes proceeds from the sale of the academy to the Nevada Division of State Lands and the allocation of funds from other university assets, already approved by the Board of Regents. Through this plan, the Academy’s capital debt will be reduced to $6.5 million. Johnson noted the university is committed to paying this remaining amount down and freeing up the remaining $2.40 of the $6.50 per-credit fee for other projects as soon as possible.
The Regents also approved the university’s request for an additional allocation of funds realized through the 2005 sale of property at Mill Street and McCarran Boulevard to fund the restoration costs associated with the sale of the Fire Science Academy. This, too, supports the continued buy-down of the academy’s debt.