Arkansas State University received state approval Monday to proceed with renovations to Wilson Hall on its Jonesboro campus for a osteopathic medical school.
The school would be run by the New York Institute of Technology, which plans to lease the space in Wilson Hall. ASU received approval from the Arkansas Higher Education Coordinating Board to obtain a loan not exceeding $8 million with a term of eight years at an annual interest rate not to exceed 5 percent.
ASU will use the loan to renovate Wilson Hall, reconfigure building infrastructure and add new labs. Revenue generated from leasing the space to NYIT will pay off the loan.
In July, the state approved the deal that would place an NYIT satellite location on the ASU campus.
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