After launching plans in December 2012 for new student housing, university officials are stepping back to reevaluate funding for the project.

The university has been in discussion with Capstone Development Partners since late July 2013 about the multiphase housing project, according to a timeline released at the March Board of Trustees meeting. At press time, the Board of Trustees has put negotiations for a land lease agreement on hold.

Board of Trustees members met again Friday, April 4 and weighed the ins and outs of public funding or sticking with Capstone Development’s private funding through an equity firm.

Representatives from Joe Jolly and Co. were also present at the meeting and distributed a projected comparison of savings for the university over a 30-year period, depending on whether or not trustees vote to explore public funding options or continue under Capstone’s private-funding plans. The savings could be as much as $23 million if the university errs on the side of public funding, representatives said.

“Public financing seems like a good way to go with this thing,” said Trustee Joel Anderson.

Public financing is just one of the options laid out before Board members as they proceed with the housing project, though. University officials can borrow funds to be repaid with student tuition and fees, repay loans solely with housing fees or continue under private funding plans with Capstone.

“We need to revisit the charts from earlier in this process,” said Trustee Marty Abroms, head of the finance committee of the Board of Trustees.

University President William Cale took the idea of revisiting earlier plans further, saying the Board needs to reexamine student-housing needs.

“We need to do more analysis,” Cale said.

Capstone’s initial plans in 2013 were limited to one new building with approximately 400 beds, but has since become two buildings with more than 760 beds. Cale said university officials need to determine exactly how many beds are needed, as well as how many beds would be needed to generate revenue.

The two buildings proposed by Capstone would replace LaGrange, Rice and Rivers halls and would be built at the southeast corner of Pine and Mattielou streets, according to reports from earlier Board meetings.

Depending on when trustees and university officials decide how they will pursue funding for the project, Cale said expecting a spring 2016 opening would not be unrealistic. Had the Board approved a ground lease at their March meeting, the university and Capstone were projecting a fall 2015 opening.

“A spring move-in would be tough,” said Vice President of Student Affairs David Shields. “It’s not impossible, but it would be challenging.”

Shields said if the university is faced with a spring move-in they will also have to consider fluctuating housing costs between semesters, as well as the proposed freshman live-on requirement.