STATEN ISLAND, N.Y. — The Dormitory Authority of the State of New York (DASNY) unanimously approved the issuance of $35 million in funding to Wagner College on Wednesday, green-lighting the institution’s plans to acquire the shuttered St. John’s University Staten Island campus. The agency called the loan “a short-term financing design to support Wagner’s broader strategic plan.”
DASNY’s Finance Committee discussed the loan during a live-streamed board meeting, and details were presented about how the College intends to use and repay the series of tax-exempt qualified 501(c)(3) revenue bonds that are expected to finance the sale. During the presentation, the committee referenced Wagner’s current enrollment struggles.
“Wagner College is an existing DASNY client, last issuing bonds through the agency in 2022,” the presenting committee member noted. “Since that time, Wagner has experienced a decline in operating performance…”…