Advertisement
The foundation hoped to have $3 million in cash and pledges by Sunday to convince local banks to supply a $6 million letter of credit by Nov. 30.
The foundation needs to show that between cash and credit it has $6 million in order to receive $38 million in state funding to pay for the $44 million, 180,000-square-foot building. UW-L plans to break ground on the building in spring 2009, Al Trapp, vice president of the UW-L Foundation said.
When the foundation approaches local banks in mid-September, its wants to have “the best hand possible,” Trapp said. That means the closer to the $3 million mark by then, the better.
Asked whether the foundation can secure the bank credit without $3 million in cash and pledges already in hand, Trapp called it “a question only the banks can answer — I hope so.”
The foundation is also building Veterans Memorial Field Sports Complex, which required a $9.5 million letter of credit.
“We have put our confidence in the foundation fundraisers who have assured us that they can accomplish both the stadium and the academic building projects at the same time,” UW-L chancellor Joe Gow said.
Trapp said the experience of working with banks for the sports complex has been an advantage in moving forward with the academic building.
“But no one would doubt that having two major projects virtually at the same time has made fundraising a greater challenge because the amounts combined are quite large,” said Trapp.
While Gow said fundraising signs are favorable, he confessed “to being concerned that this is not yet a sure thing.”
Asked whether he would have preferred to do the academic building project first, Gow said yes.
“The building has to be a top priority because it is central to our academic mission, not to diminish the importance of the stadium,” Gow said.
Bob Hetzel, UW-L vice chancellor for administration and finance, echoed Gow’s thought.
“Teaching and learning are what we are all about, and that is why the academic building has to be a top priority as we start our next 100 years,” said Hetzel.
Trapp said he is confident the foundation will raise the $6 million needed to get the project started on time.
“As you know, a lot can happen in a very short time,” he said, citing how quickly funds came in for the sports complex.
