Originally published in the 8/22/17 print edition of Yellowstone County News.
BILLINGS — Big Sky Economic Development (BSED) is making two donations and a loan commitment that will help put the campaigns to build state-of-the-art science buildings on two college campuses in Billings “over the top.”
An offer for a $1 million loan from BSED for the Montana State University Billings project is aimed at securing a $10 million commitment from the Montana State Legislature to build a $15 million building, contingent upon the MSUB Foundation’s success in matching it with $5 million in other contributions. It is hoped that the loan will allow construction of the building to begin before the end of 2018, even if they do not have all the contributions needed.
The joint boards for Big Sky Economic Development Authority and Big Sky Economic Development Corporation also voted unanimously last week to contribute $100,000 each to MSUB’s and Rocky Mountain College’s efforts to raise funds to finance the new science buildings.
In addition, BSED will match another $100,000 in donations from other contributors to the MSU-B building, Yellowstone Hall; and they will match another $50,000 in donations for RMC’s almost completed, $8.5 million three-story, 32,972-square-foot science building.
In total, the MSUB Foundation, which has been leading the fundraising campaign for Yellowstone Hall, has the potential of gaining $300,000 toward its $5 million goal, and RMC’s Foundation has the potential of raising $200,000, toward funding of its science building.
“This is a very, very significant and important decision by the Board of Directors,” said BSED Director Steve Arveschoug. “It sends a very important message that the college and university are important to our economic growth.”
Discussion among board members centered on whether making the contributions was in keeping with BSED’s mission and whether they would set precedence that would just encourage other non-profits to beat a pathway to their door, requesting contributions. Several board members voiced strong opinions that what they were actually doing is “investing” in the community and into entities that play a very significant role in the strength of the Billings economy, which is very much in keeping with their mission. It was noted, that if any other entities could demonstrate their potential to do as much as the colleges, BSED would be glad to help support them. ... Read full story here by subscribing online.
