The Saginaw Valley State University Board of Control approved a new three-year contract with the SVSU Faculty Association (MEA/NEA) during a special meeting of the Board Tuesday, Aug. 22.
Faculty members who are part of the bargaining unit will receive salary increases of 2 percent in 2017-18 and 1.9 percent in each of the two following years. The agreement also includes increases in the university’s contribution toward health care premiums.
The association represents nearly 300 faculty. Its members ratified the contract Monday, July 31.
The Board also approved a bonding resolution that will allow SVSU to realize interest savings and to prepare for construction of a building addition to become home to the College of Business and Management.
The Board authorized SVSU to refinance existing debt at lower interest rates. SVSU expects to realize more than $1.4 million in savings over the remaining life of the bonds, which were originally issued in 2010.
The Board also approved seeking up to $12 million in short-term interim financing to support construction of a 40,000 square foot facility connected to the existing Malcolm Field Theatre for Performing Arts that will host the College of Business and Management.
SVSU’s capital outlay request for $9.8 million in state funding received planning authorization approval in the 2018 fiscal year budget for the State of Michigan signed by Governor Snyder Friday, July 14. The SVSU Foundation hopes to generate up to $15 million in private donor support for the project. The interim financing will allow SVSU to begin work on the building as soon as the state grants construction authorization.