Indiana State University Newsroom

The State Budget Committee on Wednesday authorized Indiana State University to move forward on a project that will turn the Terre Haute Federal Building into the new home of the Scott College of Business.

More than half of the funding for the $20 million renovation will come from private donations to the ISU Foundation, including a gift from retired businessman Donald W. Scott, for whom the college was named in October 2009.

"Budget Committee approval for this project marks another significant chapter in a partnership between Indiana State University, the federal government, state government and the private sector," said university President Dan Bradley. "We appreciate the support of the committee in developing a new home for the Scott College of Business as we continue to reshape the university to better serve our students, community and the state of Indiana."

Bradley thanked state Rep. Clyde Kersey, state Sen. Tim Skinner, whose districts include the ISU campus, state Sen. Luke Kenley, chair of the budget committee, and Senate appropriations committee, and U.S. Sen. Evan Bayh, who supported the project at the federal level.

Indiana State assumed ownership of the Federal Building in 2009 thanks to Sen. Bayh's efforts. Prior to transfer of ownership, the federal government invested $6.3 million to rehabilitate the building, install a fire alarm system and add a new south facade and entry.

Additional renovation of the building, constructed in 1932, will allow the Scott College to move from a 15-story former residence hall to an updated facility for use by students, faculty, staff and the community. Renovations will also create a more efficient structure with updated heating, cooling, ventilation and electrical systems and bring the building into full compliance with accessibility and occupational health and safety standards.

"We are excited to create a new home for the Scott College," said Dean Nancy Merritt. "We are especially pleased to build a modern environment that provides the spaces and technologies for developing future business leaders, while preserving and protecting a beautiful historic structure. The renovation will also feature multiple spaces to engage our students, faculty and staff with the community."

Private funds are expected to cover approximately half of the $20 million budget, with the sale of university bonds to finance the rest. The ISU Foundation has obtained signed pledges totaling $6.5 million toward the cost of the project. The project previously received the support of the Indiana General Assembly and Indiana Commission for Higher Education.

Plans call for bids to be awarded in early 2011 with construction expected to be complete as early as August 2012. The move of the Scott College of Business into the Federal Building will then allow for demolition of Statesman Towers on the northeast side of the ISU campus.

Photo: http://isuphoto.smugmug.com/Campus-Scenes/Campus-Scenes/federal-building2/646312640_bWfh2-L.jpg - Action by the State Budget Committee Sept. 8 cleared the way for Indiana State University to move forward with plans to renovate the Terre Haute Federal Building to be the new home for the Scott College of Business (ISU/Gurinder Singh)

Media contact and writer: Dave Taylor, media relations director, Office of Communications and Marketing, Indiana State University, 812-237-3743 or dave.taylor@indstate.edu