Multimillion-dollar donation for U of S involves land deal
By James Wood, The StarPhoenixDecember 23, 2009
The University of Saskatchewan, with the help of the provincial government, is dotting the i's and crossing the t's in preparation for a major donation to the university that will soon be revealed.
Last week, the Saskatchewan Party cabinet approved an order-in-council authorizing the university to spend up to $6 million for the acquisition of property in Saskatoon for commercial investment purposes.
University vice-president of finance and resources Richard Florizone said the approval -- necessary for any property purchase more than $500,000 under the legislation that governs the university -- is a "catalyst" for an offering that is currently being kept under wraps.
"What this is about is we have a donor in the community who is working with us on what would be a major gift. Part of that major gift involves . . . a large real estate transaction that will be part purchase, part gift," he said in an interview this week.
The university is still finalizing details with the donor, so little information is being released before an announcement that will likely come in early January.
Florizone said the deal involves two properties in Saskatoon off-campus, but he would not say whether they would be used as university facilities or as properties to generate revenue.
While the university is prepared to spend $6 million, the benefits to the institution will be exponential, he said.
Sask. Party Advanced Education Minister Rob Norris said the government was glad to facilitate a "historic, multimillion-dollar donation" from a "highly respected member" of the academic and business communities.
The university's planned purchase comes at the same time as it finalized a multi-decade development plan for a 145-acre swath of university land between College Drive and 14th Street and Cumberland and Preston avenues.
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