University of North Dakota

Grand Forks,

Parking And Dining Financial Analysis

In 2005 B&D and Solomon Cordwell Buenz & Associates completed a residential master plan for the University of North Dakota. Integral to this process was the planning for campus dining improvements and a new on-campus parking structure. Therefore, the university sought additional guidance to manage the financial implications of these inter-related projects and hired us to manage the process. We used our financial model from the residential master plan as a basis for developing the new modeling tool. We created individual programmatic and financial inputs for each project component and streamlined the model so all decisions about design, programming, operations, project phasing, and financial structuring could be examined and readily understood by the university and its bond counsel. As part of this effort, we created a parking revenue model to determine the optimum size and configuration of the proposed structure and prepared a campus-wide analysis of all parking-related revenue streams. Since the parking structure, dining improvements, and new housing were being grouped within one bond issuance with a not-to-exceed cap, it was absolutely essential that the budget and program for all components be carefully managed. The university deemed the management and guidance we provided to be essential in its decision making. In 2008 the university completed its $16.1 million parking structure and its $2.2 million renovations to Squires Dining Center in 2010.