The UI will use parts of $15M in funding on an art building reno, exercise oncology clinic
Tapping into its nearly $1 billion public-private partnership (P3) endowment fund, the University of Iowa plans to invest $15 million to support various projects across campus, anchored by a renovation, a new clinic, and initiatives aimed at staff retention.
The P3 funding originated in 2020, when the Iowa Board of Regents approved the University of Iowa to enter a 50-year partnership with ENGIE North America and Meridiam.
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ENGIE paid $1.1 billion upfront to manage the UI's utility system for 50 years. In 2020, the university spent $153 million to pay off existing debt and $13 million to cover consulting fees.
The remainder of the upfront payment, around $999 million, will go into an endowment to fund the University of Iowa's Strategic Plan. The five priorities for the 2022-2027 plan include: excellence in teaching and learning, innovative research and creative discovery, welcoming environment, holistic well-being and success, and transformative societal impact.
"The P3 program helps us turn great ideas into real progress," said Kevin Kregel, executive vice president and provost, in a news release. "By aligning our investments with areas of need and opportunity, we are achieving new levels of student success, faculty excellence, and impact across the university."
The endowment allows "the university to invest about $15 million per fiscal year."
Here is how the University of Iowa will use the $15 million in fiscal year 2026:
The University of Iowa is investing $3 million to renovate the Performing Arts Annex (formerly the Old Museum of Art) at 150 North Riverside Drive, which will become the home of the Department of Dance. The $37 million renovation that will transform the 88-year-old building into the new home of the UI's Graduate College, the College of Education—Art Education and Maker Space, and the School of Planning and Public Affairs.
The university previously used $6 million in P3 funds to support the project.
More: University of Iowa plans $37M Art Building renovation to house grad college, college of education
The building sustained significant flood damage in 2008 and was restored to its original state with Federal Emergency Management Agency funds. Work on the latest renovation started in February.
The project will be substantially complete by August 2026.
The University of Iowa will take on a three-year, $642,896 project to create an exercise oncology clinic. The clinic will focus on "improving the health and quality of life for cancer survivors" through "personalized exercise programs and advanced imaging technology."
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The clinic will be part of the Department of Health and Human Physiology and serve as "a clinical research hub" exploring the benefits of physical activity in rehabilitation for cancer survivors.
The University of Iowa's remaining $11.36 million in P3 funding will support "additional strategic plan initiatives throughout the year," according to a news release. However, $4 million of the reserved funds will support the "High Impact Hiring Initiative," which aids in recruiting and retaining elite faculty across colleges and departments.
More: A new country bar moves in, Fieldhouse finds a new home in downtown Iowa City shakeup
The University of Iowa has invested P3 funds into the "High Impact Hiring Initiative" since 2021, supporting "75 faculty recruitments and 32 retentions across 10 colleges."
Jessica Rish is an entertainment, dining and education reporter for the Iowa City Press-Citizen. She can be reached at JRish@press-citizen.com or on X, formerly known as Twitter, @rishjessica_
This article originally appeared on Iowa City Press-Citizen: How is the University of Iowa planning to spend $15M in funding?
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