The Arkansas Higher Education Coordinating Board approved the economic feasibility for Arkansas State University in Jonesboro to obtain a loan of up to $8 million for eight years at an annual interest rate of 5 percent.
The ASU Board of Trustees approved the financing at its meeting on Aug. 27.
Loan proceeds will be used to renovate and modernize Wilson Hall, including building infrastructure for new laboratories and learning environments and safety, technology and Americans with Disabilities Act improvements.
The New York Institute of Technology will lease the renovated space to provide a new Doctor of Osteopathy program. Revenues generated by the NYIT program will reimburse ASU for the entire renovation cost.
The full cost of the project is estimated at $12.6 million.