SAMRC receives funding approval

Board approval was the first step of many towards the realization of the new student centre. The College had also agreed to obtain financing on behalf of the SAMRC. Today, the College was approved for a mortgage by the Alberta Capital Finance Authority for $13 million, a mortgage they have agreed to undertake on behalf of the Students’ Association. The Students’ Association will be using its savings and future contributions to the Capital Campaign Fund to make the mortgage payments.

Because we’ve obtained a government mortgage, we’re able to have a frozen interest rate, a very low interest rate (lower than any commercial rates), a longer amortization period and therefore, borrow more money with less risk. This allows us to better manage our finances, and also, to build a bigger and better expansion.

MRC students have always been diligent about saving money to build and maintain a student centre. In 2000, the student body approved an increase to the Capital Campaign Fee to fund the future expansion of the Wyckham House Student Centre. We’ve been saving the money for six years in order to make a down payment on our expanded centre. So far we’ve saved nearly $3 million.