January 26, 2024
Dear Colleagues:
I write to share some information about today’s meeting of the Board of Trustees.
This morning, the Board conducted an organizational meeting, which is held every two years to elect officers and appoint the chairs of the Board committees.
During the meeting, Rick Hall was elected to a two-year term as chair of the Board of Trustees. Brian Gallagher was elected as vice chair of the Board, Mike McDaniel was elected as secretary, and Julie Griffith was elected as assistant secretary.
Several trustees were also appointed as chairs of Board committees. Julie Griffith was appointed to serve as the chair of the Academic and Student Affairs Committee; Mark Hardwick was appointed to serve as the chair of the Audit and Compliance Committee; Brian Gallagher was appointed to serve as the chair of the Employee Development and Wellbeing Committee; and Henry Hall was appointed to serve as the chair of the Finance, Facilities, and Planning Committee.
After the conclusion of the organizational meeting, the trustees conducted a business meeting during which the Board approved several contracts to advance the implementation of our University’s plan to revitalize The Village.
The Board authorized the execution of two Build Operate Transfer agreements with our development partner, Fairmount Properties, to design and construct our new Performing Arts Center (Site 1 in the Village Revitalization plan) and the Center for Innovation (Site 3). Both facilities will be transferred to the University upon completion of construction.
The Board also authorized the execution of a long-term ground lease with Schahet Hotels, which is based in Indianapolis. The company will build and operate an upscale Tapestry by Hilton Hotel franchise connected to the Performing Arts Center.
The Board also authorized the execution of two purchase agreements that enable our University to acquire seven properties located in two sites in The Village district. The University will purchase five properties on Site 2, located on the southeast corner of University and McKinley Avenues. This site will include retail and restaurant tenants, as well as apartments. Two additional properties on Site 3 will become our Center for Innovation, which will connect The Village to our East Mall.
These Board approvals are conditioned on our University obtaining approval from various state entities, including the Indiana Commission for Higher Education and the Indiana State Budget Agency.
Finally, the Board received information about a preliminary mixed-use concept plan for Site 4 and a preliminary residential concept for Site 5.
View the presentation about The Village that was shared today with the Board, which includes a map of all five sites related to the plan.
I am grateful to our trustees for their continued support of this important initiative, which I believe will enhance the vibrancy of our campus and will improve the quality of life for our friends and neighbors in East Central Indiana. And as a result of today’s Board actions, we are much closer to that brighter future.
