Lexington, KY - The University of Kentucky's Gatton College of Business and Economics today celebrated the milestone of surpassing the halfway point in its fundraising efforts for the expansion and renovation of its facilities as it has announced nearly 300 donors have helped raise $34 million of a needed $65 million to expand and renovate the Gatton building.
Of the $34 million currently donated or pledge, $23 million comes from lead donations from C.M. "Bill" Gatton, Don and Cathy Jacobs, Howard Lewis, and Bill Seale.
The university received authorization from the legislature and governor this month to embark on the Gatton project as well as the construction of a new science building and renovations to Commonwealth Stadium and an adjacent training facility.
"The passage of House Bill 7 (which allowed for the work) was without question was an important moment in the life of our university," UK President Dr. Eli Capilouto said in a press conference at Gatton. "It signaled that our state policy makers and elected officials have confidence in us to find innovative avenues of resources to ensure the Kentucky promise for a new generation."
"Among the three facilities authorized under House Bill 7, the Gatton College is the only one that we target for complete financing though private philanthropy, underscoring the UK family’s powerful dedication and tradition to this university and their willingness to invest in the priorities that will bolster this state’s flagship university," Capilouto said.
With announcement of the first $34 million, the school is ready to launch its public campaign for the building, which will nearly double the space available for students, faculty, and staff while also enabling the college to offer state-of-the-art technology throughout the building.
Construction is expected to begin in the fall on needed utility upgrades and the building itself will undergo work starting early next spring. School officials said the project will be completed in phases through 2016 so as to not shutter the building during construction as Gatton is the third most used classroom building on campus with around 2,500 students attending sessions each week.
The expansion and renovation plans call for a dramatic increase in space for educational offerings, as well as high-tech enhancements to classrooms and laboratories for students on both the undergraduate and graduate levels.
"To compete for quality students we need to be competitive and we need modern infrastructure to be competitive," Gatton Dean David W. Blackwell said at the press conference.
The Gatton College is expected to grow substantially in the number of students entering its programs in future years, as well as in the quality of the academic profile of those students.
No state tax dollars will be used in any of the UK construction projects approved under House Bill 7.