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OHIO
UNIVERSITY TRUSTEES INVEST OVER $40 MILLION IN REGION
ATHENS --
Ohio University will enter the new millennium by investing
more than $43 million in the southeast part of the state in
the form of "smart" classrooms, state-of-the art research
buildings, high-tech training and conference space, and an
expanded child care facility for local residents and
university personnel.
The
university's Board of Trustees today also backed a decision
to invest up to $2 million in a venture capital fund
targeted to support entrepreneurs in the state's Appalachian
region.
Chairman
N. Victor Goodman said the Trustees' final meeting of the
century, held today, delivered a fitting agenda. "There's no
doubt that Ohio University is poised to capitalize on the
advantages and opportunities that a 21st-century economy and
society present to higher education, while it maintains the
tradition of community service and commitment to teaching
and learning that's been in place since 1804."
Of the
seven projects approved by Trustees, four are renovations of
buildings based on The Ridges, a satellite campus
overlooking Athens and Ohio University. They will house the
George V. Voinovich Center, the Institute for Local
Government Administration and Rural Development (ILGARD), a
Conference/Training Center, and the Ohio University Child
Development Center.
Described
by Ohio University President Robert Glidden as "a university
complex dedicated to community and individual enrichment,
scholarship, and research," The Ridges houses several large
Victorian-style brick buildings built in the 1860's as a
residential community for mentally ill patients. The
facility grew to cover 1,000 acres, including a working
farm, a horse and dairy barn, and a greenhouse -- caring for
as many as 1,800 patients in the 1950's. The facility was
closed following the construction of the Southeast
Psychiatric Hospital. In 1988, the state legislature deeded
668 acres of the property to Ohio University. Since then,
several buildings have been restored to create an art
museum, research laboratories, a technology and enterprise
center, the Institute for Local Government Administration
and Rural Development, and a 600-acre land lab.
Trustees
also approved construction of two research buildings:
- The
Biochemistry Research Facility, to be located on West
State Street in Athens, will house state-of-the-art
laboratories for research in life sciences. Supported in
part by a $1.4 million National Institutes of Health
grant, the $5.6 million facility will house faculty
embarking on cutting-edge research in such areas as
protein structure, genetic regulation and RNA structure.
- The
$19.3 million Life Sciences Facility on the West Green
will house researchers from the College of Arts and
Sciences and the College of Osteopathic Medicine and is
slated to open in the fall of 2001.
"These
buildings are a concrete statement of Ohio University's
commitment to excellence in education and research," said
President Glidden. "When we build the Biochemistry Research
Facility, we will essentially be breaking ground for a
university research park. This will help us continue to
attract top-flight faculty and students and enhance the
region's economy. At the same time, our priority has been to
design buildings which continue to foster an environment
where undergraduate students and faculty work and learn side
by side."
Trustees
also approved continued construction for the Southern Campus
Tech Center in Ironton. The 32,000-square-foot, $6 million
facility is expected to open in 2001. It will support
associate degree programs in allied health, industrial
maintenance, computer technology and other fields.
"This is
especially crucial in today's job market since 50 percent of
jobs are associated with two-year technical programs," said
Southern Campus Dean Bill Dingus. "Every room of the
building will be equipped with computer hookups, network
access and closed-circuit television capabilities. These
"smart" classrooms will allow us to better deliver training
and education to the students and workers in our region, and
to expand the social and cultural events for the community."
Trustees
also gave their support to the university's decision to
invest in the region's future by making the initial
contribution to a venture capital fund for entrepreneurs in
southeastern Ohio.
The
Appalachian Ohio Development Fund, managed by Opus Capital
Management, Inc and Wilhelm Capital Strategies, will
ultimately provide $15 million in capital to create or
expand businesses involved in food production, tourism, or
technology and manufacturing, said Dick Siemer, the
university's Vice President for Finance.
Ohio
University will invest $2 million from private endowment
funds which it manages, Siemer said. "David Wilhelm has put
together a fund that will offer small businesses in
Southeast Ohio an opportunity to expand and take advantage
of the economic boom sweeping the nation," said Siemer. "As
a primary investor, Ohio University is contributing non-tax
dollars to the fund and we are looking forward to a modest
return in a venture that will greatly benefit the region."
"Ohio
University is taking the lead in contributing to this fund
which will provide local businesses with much-needed capital
to grow," President Robert Glidden said. "Small businesses
create most of the new jobs in this country. By linking the
fund with our Regional Entrepreneurship Initiative, local
men and women will be able to draw upon the expertise of our
business faculty and students -- it's a great partnership."
The fund's
investment strategy includes a close working relationship
with the University's Regional Entrepreneurship Initiative.
The REI provides research and planning to start-up
businesses and small businesses that want to expand,
according to Hugh Sherman, an associate professor of
business overseeing the REI.
"Our goal
is to develop high-quality business assistance to growth
potential businesses," Sherman said. "We use graduate
students in accounting and business as interns. We review
and create business plans and conduct preliminary audits.
The students gain experience and local businesses
benefit."
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