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The wish list, which focuses on buildings and infrastructure, is required by the General Assembly.
Monday, March 25, 2013
BLACKSBURG -- The Virginia Tech Board of Visitors approved a six-year university capital funding wish list of nearly $2 billion Monday.
The wish list is required by the General Assembly as a budget planning tool. Funding for items on the wish list - which focuses on buildings and infrastructure - could come from a number of sources, including state and federal appropriations, tuition and fees, private donations and revenues from research, and the university's nonprofit corporate entities. Monday's vote does not commit actual monies to the projects. That is done on a project-by-project basis as funding becomes available.
In other actions, the board approved a 3 percent increase in stipends for graduate student assistantships. The board also approved $5.9 million to plan a major overhaul of the university's upper quad, which is home to the 1,000-member Corps of Cadets. Under the concept plan, the university will demolish the existing four cadet dormitories and replace them with two modern facilities. The housing portion of the overhaul is expected to cost $90 million.
The board also approved a lease agreement between the Virginia Tech Foundation and the Corporate Research Center that clears the way for a $5.3 million expansion of the Virginia Tech Transportation Institute. The expansion includes a warehouse and an office building.
All the votes were unanimous.
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