FARGO – In a press event held Wednesday, Sept. 4, Gate City Bank announced a unique financing arrangement for North Dakota State University’s $28 million Aldevron Tower. This in-kind financial commitment is valued at more than $2.5 million.
The low-interest financing arrangement allows the NDSU Foundation to save money and support additional research space renovations in existing Sudro Hall. The arrangement provides funding for construction costs associated with the 74,000-square foot, six-story project while donors pay pledges to the Foundation over several years.
“Gate City Bank is a valued and critical partner for the NDSU Foundation and every corner of campus,” said John R. Glover, president and CEO of the foundation. “This financing arrangement allows NDSU to complete construction of Aldevron Tower in a timely and efficient manner and complete critically-important research lab renovations in Sudro Hall. The increased capabilities and expansion of these programs is crucial to serving the needs of our citizens.”
The College of Health Professions will call Aldevron Tower and Sudro Hall home. The expansion and renovation brings all of NDSU’s College of Health Professions’ academic programs — pharmacy, nursing, allied sciences and public health — together, enhancing education for students. Currently, faculty in the College administer seven National Institutes of Health RO1 grants, including work in pancreatic cancer and other diseases.
“Aldevron Tower is a dream come true,” Charles D. Peterson, Dean of the College of Health Professions, said. “Having state-of-the-art facilities is so critically important to the future success of our College in helping us recruit and retain the best and the brightest faculty and students to NDSU and in helping us deliver the highest quality education and research possible.”
Gate City Bank’s gift makes the immediate renovation to all three floors of Sudro Hall possible. Specifically, the donation will provide space to accommodate five new research faculty, office space for professional advisors in the college, the expansion of Sudro Hall’s animal research facility, a new common core equipment room and study and office space for graduate students.
“It is not an understatement to say that all students in health professions at NDSU look forward to facilities that will help us pursue our goals to care for patients, whether we are pharmacists, nurses, allied sciences or public health professionals,” Sabrina Wolfe, a Pharm. D. student from Carrington, North Dakota, said. “Thank you for investing in us and making this possible.”
Thanks to Gate City Bank’s support, Aldevron Tower construction will wrap up in December of this year, approximately 18 months after breaking ground.