The college's two main funding sources to build and renew facilities are general obligation bonds and certificates of participation.
General obligation bonds
These bonds are approved by the voters in our district. A tax is levied to retire the debt. In May 2008, voters approved a $92 million bond levy for the college. Projects that will be funded with the General Obligation bonds are:
- A health sciences classroom building on the Salem campus
- An applied technology classroom building on the Salem campus
- A college center on the Yamhill Valley campus
- An emergency response training center in Brooks
- A variety of remodel and deferred maintenance projects
Certificates of Participation
The college periodically issues certificates of participation (COPs, also called full faith and credit obligations) as an alternative way to acquire and construct facilities. The debt is repaid by the revenue generated from the asset, typically income from rental of building space. Two of the more recent projects funded with COPs are partially funding the construction of the Chemeketa Center for Business and Industry and the site acquisition for the Yamhill Valley Campus.
There are three major projects that will be completed soon and ready for use for fall term 2011:
- The Health Sciences Classroom Complex. The complex will provide additional training space for students in nursing, dental hygiene, and pharmacy technology as well as a dental clinic. This is the largest project the college has undertaken with a budget of $38.2 million. The complex includes a major remodel of building 8 and a very large addition added to the west side of that building. The majority of this complex will be funded with general obligation bonds. Also contributing to the project budget is $5.6 million provided by the state’s community college capital support bonds and just over $1 million from the GO Oregon projects funding for the much needed replacement of the HVAC system in building 8. The remodel of the second floor of building 8 is completed. The addition is very close to being done with some areas being occupied in the spring term of this year. The remodel of the first floor of building 8 will begin in the summer once all of the current occupants are able to move out.
- The Brooks Emergency Response Classroom building. This building will provide training space for students pursuing degrees in fire science, first-responder medicine (paramedics and EMTs), law enforcement, and criminal justice. It is funded by general obligation bonds and internal capital funds.
- The Yamhill Valley Campus. This new building will be located near highway 18 in McMinnville at the site of the former Tanger Outlet Mall. The building, coupled with the surrounding landscape plan and future building plans, will transform the site into a college campus. Once completed, Chemeketa will be able to expand the depth and breadth of course offerings to residents of Yamhill County. It is funded with $14.3 million of general obligation bonds, $6.2 million of state construction funds, and $1 million from the Auxiliary Services Fund.