The David Eccles School of Business is hoping to tap legislative funds to help with the construction of a new building on campus.
The business school attempted to receive funds during last year’s legislative session, but wasn’t selected for funding. The school is hoping that by incorporating the bond into a greater overall economic stimulus package, the bill would be more likely to be approved this year.
“This building would be part of a larger solution,” said Chris Treasure, a marketing analyst for the business school. “We can use the bonding as part of a broader economic stimulus bill that would create jobs and provide opportunities for many different people.”
Treasure said the bonds would be part of a larger initiative statewide that would benefit a variety of institutions. If the bond is approved in its current form, it would provide funding to 75 percent of the highest-priority buildings in the state, many of which are to be constructed on university campuses, and create thousands of jobs. The proposed building would cover 188,000 square feet and would occupy the area that houses the Madsen and Garff buildings. The building would have business-specific rooms as well as general-use classrooms, which would allow the entire campus to use the space.
The business school has already raised more than $24 million in private donations to help fund the building, but is looking to the Utah Legislature to help with the remaining cost. With the total cost estimated to be $80 million, a large portion would come from the proposed bond.
The broad appeal and potential benefits of the bond make it much more likely to pass, according to Bill Sederburg, Utah’s Commissioner of Higher Education.
“We feel that this proposal can appeal to a large majority of members of the Legislature,” Sederburg said. “Within the context of a difficult economy, bonding for the purpose of these buildings has a tremendous upside and could really benefit the state as a whole.”
However, not everyone associated with the project is sure that it will be received quite as favorably.
Sen. Curtis Bramble, R-Provo, sits on the Capitol facilities and government operations subcommittee. The committee is responsible for approving or rejecting the bonding issue. Although Bramble said he is optimistic about passage, he is also careful to temper expectations.
“There are a large number of projects this year,” Bramble said. “The business building has made the first cut, but we are a long way from being done. It is a good sign that it has made it this far, but we will see what happens in the future.”
Treasure said he is hopeful the bond will pass, as the private support is already in place.
“I think it looks promising this year,” he said. “With a third of the funding already committed by private donors, I think it is an excellent opportunity to take advantage of private capital to stimulate the economy. Hopefully we can make this work.”