Iowa’s Cornell College is implementing $5.9 million in infrastructure improvements with funding enabled by a Contingent Payment Program (CPP), an alternative to traditional debt financing that fully transfers risk to Johnson Controls, the company making the improvements.
The improvements will help improve energy efficiencies throughout the campus. Updates began in August with plans to remove buildings from steam heat usage by the end of November 2019 and the full project is scheduled to be completed over the next year.
In addition to removing the campus steam plant, upgrades include installing high efficiency boilers, LED lighting fixtures throughout the campus and window replacements in the Old Sem and College Hall buildings. These improvements will help reduce energy usage by 20%. The CPP guarantees that the infrastructure upgrades will produce savings that can help repay Johnson Controls for the project over the 18-year term agreement.
Johnson Controls will continually monitor progress and provide a report every year to ensure the company’s projects are providing the agreed-upon savings. Jonathan Brand, President of Cornell College, said the campus community will benefit from core mission activities, such as faculty retention and student aid, as a result of this infrastructure improvement project.