12/3/99
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 Trustee's 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 Entrepenurship 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."