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Higher Education | Deferred Maintenance

Modernizing a College’s Aging Infrastructure Using a Flexible Lease Line

Fast Facts

Industry

Higher Education

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Organization

Cornell College, Mount Vernon, IA

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Client Since

2015

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Equipment Financed

$3,600,000 in building renovations, finance lab, HVAC system, phone system, AV equipment, kinesiology lab

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Financing Structure

48-month lease line

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Industry Specific Fact

Cornell College, a small, private, liberal arts school, in 1871 became the first U.S. college to grant a full professorship to a woman (Harriette J. Cooke) with a salary equal to her male colleagues

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Industry

Higher Education

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Organization

Cornell College, Mount Vernon, IA

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Equipment Financed

$3,600,000 in building renovations, finance lab, HVAC system, phone system, AV equipment, kinesiology lab

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Preserving One of Cornell College’s Landmark Buildings

With today’s college students expecting state-of-the-art amenities and technology, modernizing aging buildings is essential to Cornell’s recruitment and retention strategies. McLennan College Hall, built in 1857, is one of Cornell College’s oldest buildings, housing both offices and classrooms. Renovation plans called for creation of a new finance lab and updates to the HVAC system, bathrooms, classroom audiovisual equipment, and carpeting as well as structural updates to make entryways ADA-accessible. While fundraising efforts moved the needle significantly for the $3.6 million renovation, additional monies still were needed to get the project to the finish line on time.

“We have a very historic campus. One of the challenges that we face is the deferred maintenance of our facilities.”

– Dan Layzell, CFO, Cornell College

“We’ll continue to have needs. The lease line option gives us another tool in our belt that we can turn to in terms of future enhancements that we’re going to want to make on campus.”

– Dan Layzell, CFO, Cornell College

When Old Becomes New Again: Flexible Lease Line Helps Finance Campus Renovations

Cornell College needed a solution that allowed them to plan for future growth but also respond quickly to emerging priorities. First American’s lease line provided an ideal solution to fund large, planned projects—such as the deferred maintenance on McLennan College Hall— while still permitting the flexibility needed to address unexpected, critical projects as they arose. The lease line also eliminated the need to underwrite individual projects, which reduced turnaround time to documentation, enabled quicker reimbursements, and minimized the risk of project delays due to untimely vendor payments.

Preserving One of Cornell College’s Landmark Buildings

With today’s college students fully expecting state-of-the-art amenities and technology, modernizing aging buildings is essential to Cornell’s recruitment and retention strategy. McLennan College Hall, built in 1857, is one of Cornell College’s oldest buildings, housing both offices and classrooms. Renovation plans called for creation of a new finance lab and updates to the HVAC system, bathrooms, classroom audiovisual equipment, and carpeting as well as structural updates to make entryways ADA-accessible. While fundraising efforts moved the needle significantly for the $3.6 million renovation, additional monies still were needed to get the project to the finish line on time.

“We have a very historic campus. One of the challenges that we face is the deferred maintenance of our facilities.”

– Dan Layzell, CFO, Cornell College

When Old Becomes New Again: Flexible Lease Line Helps Finance Campus Renovations

Cornell College needed a solution that allowed them to plan for future growth but also respond quickly to emerging priorities. First American’s lease line provided an ideal solution to fund large, planned projects—such as the deferred maintenance on McLennan College Hall— while still permitting the flexibility needed to address unexpected, critical projects as they arose. The lease line also eliminated the need to underwrite individual projects, which reduced turnaround time to documentation, enabled quicker reimbursements, and minimized the risk of project delays due to untimely vendor payments.

“We’ll continue to have needs. The lease line option gives us another tool in our belt that we can turn to in terms of future enhancements that we’re going to want to make on campus.”

-– Dan Layzell, CFO, Cornell College

First American Offers More than Just Funding

McLennan College Hall houses nearly 30 faculty offices and numerous classrooms. The renovations will bring this historic building into the 21st century while enhancing teaching, learning, and the physical comfort of all who use it. With this multi-faceted project, First American demonstrated that they offer more than just competitive rates and terms, positioning themselves as a long-term resource for Cornell’s future objectives.

“You don't have the closing costs associated with a traditional financing. ... The administration of it afterwards has been really seamless for us.”

– Dan Layzell, CFO, Cornell College

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