New College of Florida unveiled a plan Friday to finance millions of dollars in debt from acquiring the University of South Florida’s Sarasota-Manatee campus, including loan payments that nearly double in two years when college president Richard Corcoran’s contract expires.
The proposal brings together two large debts into one lump sum of $47.5 million and acknowledges that revenue from student housing may not be enough to cover it all.
New College would have $40 million financed by BankUnited and the rest by an “accredited” investor. It would also rely on backup from a separate entity known as the New College Foundation.
“Among alumni, the proposal for a ballooning payment schedule is…