GOV. KAINE ANNOUNCES $87.2 MILLION FOR ODU IN PROPOSED BOND PACKAGE
Today Gov. Timothy Kaine announced a proposed $1.65 billion bond package for higher education needs in the Commonwealth of Virginia. If approved, Old Dominion University will receive $87.2 million for construction and renovation projects to support the expansion of research initiatives.
"The proposed bond package supports innovative research, providing facilities across Virginia for researchers to develop new, cutting-edge technologies and turn them into commercial assets," Gov. Kaine said. "Our colleges and universities also help us build a workforce prepared to compete in a global economy. These investments will help Virginia's higher education network keep delivering for our future."
The new construction and renovation projects in the package primarily focus on workforce development, enhancing capacity, retaining students, research and providing modern facilities for areas with demonstrated needs, such as education, engineering, nursing, business, and the sciences. The proposed package is composed of funding through a General Obligation Bond and through the Virginia College Building Authority. The General Obligation Bond must be passed by the General Assembly and requires approval by voters in a general referendum on Election Day in November 2008.
In an announcement to the ODU campus community, President Roseann Runte praised Gov. Kaine's efforts.
"We are grateful to him for recognizing the needs of our students and faculty and for assuming such a strong leadership role in moving to obtain the necessary capital projects to support the colleges and universities in Virginia," Runte said.
The proposed bond package allocations for ODU include financing for six capital projects: construction of a Student Success Center; construction of a consolidated arts complex for the visual arts, studio arts and Stables Theatre; construction of a Systems Research and Academic building; renovation and construction of child development centers on the Norfolk campus and at the Virginia Beach Higher Education Center; renovation of the education building; and renovations to Spong Hall and Rollins Hall.
To further Virginia's efforts to diversify the economy through research and development, the governor's proposed budget also includes a comprehensive general fund research package. In fiscal year 2009, the governor has proposed $29 million to cover the third year of a three-year commitment to enhance research efforts at the Commonwealth's higher education institutions. To date, this state funding has resulted in an estimated return of $150 million from federal and private research funding.
To view the complete bond package project list, please visit: http://www.governor.virginia.gov/TempContent/GOB_list-2008_session.pdf