CHAPEL HILL, NC — The University of North Carolina at Chapel Hill
is in somewhat of a jam as deferred maintenance needs are quickly piling up, according to the News Observer
According to a report issued by the university yesterday, the cost to fix drafty windows, leaky roofs, outdated heating, ventilation and air conditioning (HVAC) systems and other nuisances in buildings will cost $645 million.
University officials say the problem, which stems from the incessant underfunding of maintenance and renovation efforts, has gotten worse since a reserve fund intended to cover the cost of repairs was cut, the story stated.
Dissolving the reserve fund cost the University of North Carolina at Chapel Hill $1 million this past year and will cost another $5.6 million in the 2010-2011 academic year if it is not restored, the story noted.
University officials have begun discussing the possibility of issuing bonds to and seeking donations from the public to cover some of the necessary repairs, the story added.