Flathead Valley Community College has entered into an agreement with Glacier Bank for a loan of just over $9 million to build the college’s first on-campus student housing complex.

On Monday, the FVCC Board of Trustees voted during a special meeting to accept the promissory document for the financing.

College President Jane Karas said the college has up to 30 years to repay the loan with an interest rate of 4 percent. She said she expected student housing rent payments would cover the costs of building the complex, though the exact price for students to live in the dorms is still undetermined.

“We may not spend the entire amount, that’s just how much is available,” Karas said.

Kirk Zander, the FVCC vice president of administration and finance, said payments toward the loan will be due every May and November and each payment will vary slightly. He said the first payment of roughly $228,000 will be due May 1, 2017.

“Annually you’re looking at approximately about $525,000,” Zander said. “But again, that varies.”

In August, the board voted unanimously to award Swank Enterprises a $7.7 million contract for the construction of the student housing.

The housing complex for 124 students will consist of four buildings west of the school’s Occupational Trades building and south of Walmart.

Karas said students will be able to reserve rooms in the housing complex by late spring 2017. The housing is set to be completed in time for the 2017 fall semester.

Reporter Katheryn Houghton may be reached at 758-4436 or by email at [email protected].