On Aug. 26, 2008, Life University finalized a $71.5 million deal in bonds offered up by investors. The funds will be used for the university's "20/20 Vision" strategic plan, scheduled for completion by the year 2020.
In June, Life received approval from the Development Authority of Marietta, Ga., to begin seeking investors for the bonds. The investors toured the campus facilities on Aug. 12 and made an offer of more than $150 million in bond funds. The university chose to accept $71.5 million of the offered amount.
Life plans to use the funds to make various improvements, renovate and equip existing facilities, and acquire and construct new buildings. According to Jarr, a portion of the new bonds will be used to pay off previous bonds from approximately 20 years ago.
From left: Life Provost Brian McAulay; President Dr. Guy F. Riekeman; Cecil Phillips, CEO of Place Properties (the development company); and Life VP of Operations and Finance, William Jarr.
Dr. Riekeman said the school has embarked on its 20/20 plan "to make Life a world-class center for health care education and research, and a think tank for health topics and other critical 21st-century issues." He added, "Life University is not only about teaching technical knowledge and skills for health-oriented careers. More importantly, Life is about instilling the world-citizenship skills that will equip its graduates to be leaders in their respective fields. Those skills are best taught face-to-face in classrooms, the library, the laboratories, the athletic facilities and the social gathering spots on campus."
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