ST. MARY-OF-THE-WOODS — The Sisters of Providence of St. Mary-of-the-Woods is planning a renovation of Providence Hall, the main administrative building for the Catholic religious order, that could cost between $8 million and $10 million.
The order, which established St. Mary-of-the-Woods College, is seeking approval of county officials to obtain economic development revenue bonds to help pay for the project.
On Tuesday, Lou Britton, attorney for the Sisters of Providence, told the special projects committee of the Vigo County Council that the county carries no financial obligation for the bonds, but the legal process requires approval of the council as well as of the Vigo County Economic Development Commission. Both agencies must approve the bonds twice. The economic development commission already has given its preliminary approval.
“It is simply a process that permits charities like the Sisters of Providence to gain access to tax-exempt financing as though it was governmental financing,” Britton said.
Along with no cost to the county for obtaining the bonds, the county is not responsible for repaying bonds, Britton said.
Sister Denise Wilkinson, general superior of the Sisters of Providence, said the 101,056-square-foot Providence Hall was constructed in 1890.
“Providence Hall is probably our oldest building on campus. It was constructed and still serves as an administrative building and as a residence for our sisters,” Wilkinson said.
The building previously had been renovated with updated electrical mechanics, and smaller residential rooms were created for sisters of the order, Wilkinson told the committee, “but this is a major renovation that we would like to undertake to keep our elderly sisters independent as long as they are able.”
Currently, bathrooms are located at the corner of each hallway. The building houses 54 nuns, whose average age is 91, Wilkinson said, adding, “We would like to provide single rooms for them with adjoining bathrooms.”
“We think our use for that building will be for 25 to 30 years, but we would like the building built in such a way it could serve others, if that becomes necessary,” Wilkinson added.
The renovation is being done to uphold the sisters’ commitment to being “green,” and mechanical systems are located underneath the building, making it expensive to change those systems. The building also is connected to a church and health facility.
The sisters first had to replace the original 1890 roof, Wilkinson said, and that is almost finished. Renovation of Providence Hall would begin Oct. 1 and be finished in 12 to 13 months, she said.
The Sisters of Providence in June “received a grant from the Federal Home Loan Bank for $750,000 and have launched a capital campaign to raise $6 million, and so far we have raised $2.9 million to date,” Wilkinson said.
“We hope to borrow up to $10.5 million, although we hope not to spend that much, and to invest the monies we raise from the capital campaign in a treasury strip and then pay the bond back through the interest from the treasury strip,” Wilkinson said.
Wilkinson said the order is working with an Indianapolis legal firm and two banks — Terre Haute Savings Bank and Old National.
“The Sisters of Providence, when they talk about coming to St. Mary-of-the-Woods, talk about coming home, and that building [Providence Hall] symbolizes home for us. So this is an attempt to preserve the heart of our campus and preserve that part of the campus that is identified with our history there,” Wilkinson said.
The request for bonds is not to exceed $11.5 million. Wilkinson said the order does not expect to borrow that much, but cannot increase an amount on bond documents once approved by the County Council and Economic Development Commission.
The committee voted 3-0 to approve the bond issue. The measure next goes before the full Vigo County Council for approval at its July 28 meeting.
Howard Greninger can be reached at (812) 231-4204 or howard.greninger@tribstar.com
Local & Bistate
Sisters of Providence plan to renovate Providence Hall
Order to seek economic development revenue bonds from Vigo County to finance project
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