Regents’ budget request includes two UGA major capital construction projects
September 12, 2014Print
Athens, Ga. - The Terry College's Business Learning Community Phase II and the Center for Molecular Medicine were two University of Georgia major capital construction projects approved by the Board of Regents earlier this week as part of the board's Fiscal Year 2016 budget request to the governor.
"I want to express my sincere gratitude to Chancellor Hank Huckaby and members of the Board of Regents for supporting these critical projects," said President Jere W. Morehead. "I am also grateful to our many faithful alumni and friends whose generous donations helped to create these opportunities for matching state and non-state funds."
The $49 million in state funds requested for Phase II would be matched by an additional $14 million in private donations. Phase I was supported entirely by $35 million in private contributions, bringing the total private portion to $49 million. The proposed 140,000-square-foot facility would meet modern instructional needs by providing space for innovative business teaching methods and labs, including a stock trading room, sales lab, business innovation lab and music business studio. The new facility would be located next to Correll Hall, the Terry College's Phase I project, which is currently under construction at the corner of Baxter and Lumpkin streets.
The board also approved $17 million for the Center for Molecular Medicine. These funds would be matched by $8 million in non-state funds. The center was established in 2012 to focus on translational glycoscience, vaccine development, therapeutics, regenerative medicine and animal models of human diseases. The new facility, which would be adjacent to the Complex Carbohydrate Research Center on Riverbend Road, would expand UGA's contributions in biomedical research.
"Once completed, the proposed facilities would transform business education and biomedical research at UGA, ultimately enhancing the university's capacity to serve the state in these key areas," Morehead said.
The funds for UGA's capital projects were part of an overall $1.99 billion request submitted by the Board of Regents to the Governor's Office of Planning and Budget. The Governor's Office will consider these proposed requests when preparing the annual budget recommendations to be presented to the General Assembly in January 2015.