Arkansas State University-Jonesboro can obtain a loan that would be used to renovate a building f̶o̶r̶ ̶i̶t̶s̶ ̶D̶o̶c̶t̶o̶r̶ ̶o̶f̶ ̶O̶s̶t̶e̶o̶p̶a̶t̶h̶y̶ ̶p̶r̶o̶g̶r̶a̶m for a Doctor of Osteopathy program that would be run by another institution*, the Arkansas Higher Education Coordinating Board decided Monday.
The board approved the economic feasibility of the university to obtain a loan of up to $8 million with a term of up to eight years at an annual interest rate not to exceed 5 percent. The ASU System board of trustees approved the loan Aug. 27, but the loan also needed state approval.
The New York Institute of Technology College of Osteopathic Medicine will lease Wilson Hall, which formerly housed ASU's College of Humanities, to use as an instructional site for its medical students. University officials said revenue generated by the program will ultimately reimburse ASU-Jonesboro for the cost of the renovation. The full cost of the project is estimated at $12.6 million.
Plans include electrical and heating, ventilation, and air-conditioning renovations to manage the laboratories and teaching spaces such as the simulation emergency room, simulation operating room, clinical learning rooms and anatomy lab. Other upgrades will include energy-efficient lighting, a fire sprinkler system, Americans with Disabilities Act-compliant restrooms and technology infrastructure.
The ASU board approved the partnership between ASU-Jonesboro and the New York Institute of Technology in 2014. The first Doctor of Osteopathy students are scheduled to enroll in 2016.
Metro on 09/22/2015
*CORRECTION: Arkansas State University-Jonesboro has approval to obtain a loan that would be used to renovate a building for a Doctor of Osteopathic Medicine program that would be run by the New York Institute of Technology, the Arkansas Higher Education Coordinating Board decided Monday. An earlier version of this article, which appeared in Tuesday's editions, incorrectly reported which institution would offer the degree program.