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Chicago Tribune
3 days ago
- Business
- Chicago Tribune
City council approves $117M bond request to assist Valparaiso University plan for financial rescue
The Valparaiso City Council agreed unanimously to be the gateway for struggling Valparaiso University to have access to up to $117 million in issued bonds to help refinance existing debt and finance new projects, including building renovations. Ordinance No. 9 2025 passed with a second reading during a special council meeting Friday. At the council's May meeting when the ordinance was first introduced, Valparaiso University officials emphasized the need for the city's support by the first week of June to allow time for the bonds to be purchased. Council members Diana Reed, 1st District, Robert Cotton, 2nd District, Barbara Domer, D-3rd, Jack Pupillo, R-4th, and Council President Ellen Kapitan, D-At-large, attended Friday's meeting in person and voted in favor of the ordinance, as did Peter Anderson, R-5th, who joined the meeting remotely. Council member Emilie Hunt, D-At-large, was not able to attend, and nor was Mayor Jon Costas or Clerk-Treasurer Holly Taylor. City Attorney Patrick Lyp opened the special meeting by recapping the discussion and direction of Wednesday's Economic Development Commission. 'It's the recommendation of the Economic Development Commission that the City Council support and pass this ordinance in the best interest of the community,' Lyp said. 'And as I have continued to emphasize, the City Council is only serving as the needed conduit in order for VU to have access to these bonds in this timely manner. There is not any financial obligation or impact from the bonds being issued which would affect the city or taxpayers.' Lyp and Valparaiso University officials have also emphasized it is likely that even though the window of funds can extend up to $117 million in general obligation bonds, the latest calculations indicate that it is around $55 million which will likely be used by the university for financial needs. Mark Volpatti, the university's senior vice president for finance and chief financial officer, once again represented the university at Friday's council meeting and fielded what were only a few follow-up general questions. When Volpatti attended the May meeting when the ordinance was first introduced, he announced the university has sold or is concluding the sale of the three paintings, a topic which has drawn much public debate and criticism about the fate of the valued works, including Georgia O'Keeffe's 'Rust Red Hills.' He said the university is moving forward with its freshman village, noting the renovation work was being done without taking on debt and through 'the proceeds from the artwork.' The other artwork being sold are 'The Silver Veil and the Golden Gate' by Childe Hassam and Frederic E. Church's 'Mountain Landscape.' Among those from the public to speak during the public hearing portion of Friday's meeting was Valparaiso University Senior Professor John Ruff, who has invested years caring for the collection of works at the Brauer Museum of Art at Valparaiso University. He presented the council with a letter with more than 50 signatures representing a stance against the sale of any artwork. Ruff admonished the university for keeping the sale of the O'Keeffe painting 'secret' until it was reported by the media in mid-May. Volpatti addressed Ruff's remarks. 'My thoughts do turn to Richard Brauer and John Ruff and I can't imagine the emotions they've had the past two years,' Volpatti said. 'I respect and admire them and their passion for their career. If more people had such passion for their careers the world would be a better place. We have two camps about whether the sale of artwork should be used for the purchase of new artwork or let's look at the university as a whole and use the sale's funds where they are needed at this time. This is a philosophical question and one that won't be answered today.'
Chicago Tribune
10-05-2025
- General
- Chicago Tribune
Richard Brauer, museum's founder and namesake, inducted as honorary member into Phi Beta Kappa
Richard Brauer, former director of the Valparaiso University Brauer Museum of Art which bears his name, was inducted Friday afternoon as an honorary member into the university's chapter of the Phi Beta Kappa Society, considered the nation's most prestigious academic honor society. It was a ceremony that cherished the values not only of a liberal education but those who strive for excellence within that learning. VU's Eta of Indiana Chapter President Joe Creech said, 'It's liberal because it signifies emancipation from ignorance.' Fifteen students were also initiated as Members in Course. Phi Beta Kappa was founded by five students at the College of Willliam and Mary on Dec. 5, 1776. Stacy Maugans, historian of VU's chapter, told the audience gathered in the Duesenberg Recital Hall at VU's Center for the Arts that those early students held discourse on history, politics, and societal issues including slavery that played an integral, though shameful, role in the nation's higher education at the time. She told those gathered that the society's motto is 'Love of learning is the guide to life.' Brauer's educational journey embodies that. He said he attended VU on the GI Bill for one year in 1947 but, 'I realized I needed to learn more about art than VU offered.' He transferred to the Institute of Design of the Illinois Institute of Technology in Chicago where he earned both a B.A. and an M.A. Brauer didn't give up on VU though. By 1961 he was back as a newly hired professor tasked with coming up with an art exhibition. That exhibition became the museum that Brauer directed from 1962 until 1996. 'VU's Brauer Museum of Art is arguably what it is today because of Brauer,' Creech said. Its collection of over 1200 works is focused on American and international religious art. 'His legacy of not only teaching the arts but making sure that it carried forward as part of the symbol of the university,' was the reason Brauer was unanimously voted for initiation by the Eta Chapter, said Anna Stewart, director of the Institute of Leadership and Service at VU. 'He assembled quite a collection for a small university without a big budget,' she said. That collection includes works by American greats such as Georgia O'Keeffe, Andy Warhol and Ansel Adams. As recently reported in the Post-Tribune, a controversial plan to use the proceeds from the sale of three key pieces to finance freshman dorm renovations amid declining enrollment leaves the fate of the works unclear. The three pieces are: O'Keeffe's 'Rust Red Hills,' Frederic E. Church's 'Mountain Landscape,' and Childe Hassam's 'The Silver Vale and the Golden Gate.' When given the floor, Brauer thanked and acknowledged those who worked with him on the Collection Committee. 'I enjoyed working and learning with so many different people,' he said, adding another highlight of his career which included teaching students about American painters and museum studies, was the creation of more than 300 bulletin covers by his students for services in the Chapel of the Resurrection that are preserved in the university archive. Brauer was touched by the nomination. He began his speech with a brief history of his family's German Lutheran roots and the value they placed on learning. 'It is indeed a high honor,' Brauer said. 'I cherish it.' Brauer's former colleague, retired music professor Marcia Lewis, has a long history with Brauer and his family, having given voice lessons to his daughter Lydia. 'We moved into this building when we were both on faculty,' she recalled. 'This building is a tribute to him as well. We're thrilled that he's getting this honor.' She described Brauer as 'a really warm individual who cared so deeply for the arts – all arts – not just the visual that he was in.'
