The University of New Mexico

NEWS RELEASE

Media contact:  Susan McKinsey, 277-1807
December 4, 2008

UNM Regents Approve $40 Million in Capital Projects    

Citing the positive economic impact of going forward with big building projects and saying that this is a remarkably opportune time to move ahead with construction, the University of New Mexico Board of Regents has given the green light to nearly $40 million in capital projects.

Six of the seven projects directly benefit UNM’s educational mission and student success. The seventh project begins the early utility and information technology construction on the Pit – the first step in the renovation and expansion of the entire basketball arena.

Regents’ President Jamie Koch said people have to understand why the Regents want the projects to go forward at this time.  “The money comes from many different sources, including significant amounts from the state.  If we don’t use that money, we lose it,” said Koch.  He added that the funds can only be used for the designated capital projects and cannot legally be diverted to salaries or programs.

Several Regents remarked that during tough economic times, going ahead with major capital projects creates jobs and is a boon to the local and state economies.  “Now is the time to invest in the economy. This is not the time to pull back,” said Regent Mel Eaves.

Staff from the UNM Office of Capital Projects said that the number of bids for projects was increasing and they were coming in under projected amounts.  In addition, the cost of building materials like steel and concrete was currently down approximately 27%, making each project more economically feasible.

The approved projects include:

• $3.6 million for the renovation of the Lockheed Martin building for the Student Success Center;
• $1.8 million to renovate the former Architecture School Building to house film and digital media and theatre programs;
• $1.7 million to upgrade 93 classrooms in seven different departments and 28 different buildings;
• $4.9 million to relocate the Tamarind Institute into the old Architectural Annex building;
• $23 million to build the new Science and Mathematics Learning Center;
• $3.3 million to complete the UNM Taos Classroom Office building;
• and $1.3 million to begin early work at the Pit.

The projects now go forward for approval by the New Mexico Higher Education Department and the State Board of Finance.

In another action, UNM Regents reallocated $17 million from UNM institutional bonds, originally designated for a cogeneration unit and University Stadium renovation, to complete the funding package for the Pit expansion and renovation.

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