CLARKSVILLE, TN — An anonymous alumnus gave Austin Peay State University $1 million in stock to help fund a new $10 million recreation center.
Last year, the APSU student body approved a student fee to build a new center, but the total dollars generated from the fee were not enough to build a facility large enough to accommodate the needs and desires of the school. Since then the university has sought private funding to supplement the student fee revenue, a release issued by the school said.
The gift was given in an unusual manner allowing the university to use the money, in essence, twice. First, ASPU will borrow $1 million and use the dividends from the stock to pay back the loan over a 20-year period. After 20 years, the university will use the funds to create a scholarship endowment, the university said.
“This donor's gift is unique in that it will benefit our students in two very different ways,” Sherry Hoppe, APSU president said. “Austin Peay desperately needs a new recreation center, not only for current students, but also to compete for prospective students. National studies indicate that a first-class recreation center is not considered a luxury by incoming students; it is an expectation. This gift will help us meet those expectations.”
Construction for the new center will start this spring with completion scheduled for spring 2007.