JONESBORO, AR (KAIT) - Arkansas State University moved one step closer of bringing a Doctor of Osteopathic Medicine program to Jonesboro.
A-State received approval Monday from the Arkansas Higher Education Coordinating Board to obtain an $8 million loan with a term of 8 years at an annual interest rate not to exceed 5 percent, according to a news release from the Arkansas Department of Higher Education.
Money from the loan will be used to renovate and modernize Wilson Hall, including reconfiguring the building's infrastructure for new laboratories and ADA improvements.
The New York Institute of Technology will lease the renovated space to provide the new Doctor of Osteopathic Medicine program.
Revenues generated by the program will reimburse A-State for the entire renovation cost. The full cost of the project is estimated at $12.6 million.
Copyright 2015 KAIT. All rights reserved.