{Lexington, Kentucky}...UK President Eli Capilouto said Monday that building five residence halls will generate considerable spin-off for the economy, including nearly 2,900 jobs and nearly $4 million in state and local taxes. UK formed a partnership with Memphis, Tenn.-based EdR, a private development firm, to replace its aging dorms. The firm plans to pump about $500 million of private equity into the construction project. The company would own the residence halls on land leased by UK. The first new residence hall, a $25.8 million, 601-bed hall, is being built and is set to open in August 2013. UK trustees will consider another phase in October that would result in four additional residence complexes being built.
