FROM: Interim President Joseph S. Wood
Newsletter #8: Bonds as Public Investments in USM
November 1 , 2007
Dear Colleagues:
In the last two editions of "Moving Forward," I've outlined the need for investments in retention and recruitment. Soon, I'll present the case for investments in marketing as another strategy for generating new revenues.
In this "Moving Forward," I want to discuss the opportunity before Maine voters to invest public dollars in higher education.
Two years ago this month, Maine citizens rejected a higher education bond issue of $9 million by a margin of fewer than 3,000 votes.
In my opinion, we cannot let history repeat itself at a time when we're sending the message that public investments in USM and other institutions of higher education generate tremendous returns in terms of advancing economic development, building social capital and improving our quality of life.
Each of us has an opportunity to make a statement at the polls this Tuesday, November 6.
Question Two on the statewide ballot, if passed, would generate $55 million for economic development efforts. The major portion of those funds -- $50 million -- would be set aside as research and development grants to be awarded through a competitive process. University faculty, staff and students, along with researchers from other organizations, would be eligible to compete for these funds. Criteria for awards have been established, among them the ability of research projects to attract federal and private sector investment in Maine. Passage of Question Two has the potential to help us build our research capacity in the biosciences, toxicology and marine science. These are of strategic importance to the state, and are research disciplines which involve increasing numbers of graduate and undergraduate students.
Question 3 would provide more direct benefits to the University of Maine System, the Maine Community College System and Maine Maritime Academy by providing $43.5 million for capital improvements. Of that $43.5 million, $23 million would be used to improve classroom, lab and library space at all seven universities. Of the remaining funds, $15.5 million would be used for similar improvements at Maine's seven community colleges; $1.5 million for Maine Maritime Academy; 1.5 million for the State Revolving Restoration Fund for primary and secondary public schools; and $2 million for the Maine State Cultural Affairs Council.
USM would receive $7 million for renovation of the first floor of the Glickman Family Library, including construction of the new entrance facing campus; expansion of the Osher Map Library, including a teaching and lecture hall, more vault and exhibit space, as well as space to support greater community outreach; and completion of the new wing of USM/LA to include classroom space.
Why are these projects the subjects of proposed bond funding?
The Glickman improvements and Map Library addition would complete facilities that were planned as part of University Commons, the most significant capital project in the history of the Portland campus. The first floor renovations of the Glickman Family Library, primarily the new entrance facing campus, will make the library more accessible and user friendly for the campus community.
The Map Library expansion referenced above also will benefit the university community in that the library can serve as a resource to greater numbers of undergraduate and graduate students. The Commons also will give us a far greater physical presence in Portland, thereby providing a very tangible reminder of USM's link to the community.
The new wing at LA is a reflection of the region's support for public higher education and the need for more teaching and learning space.
Finally, these projects offer an appealing funding mix in that they are being made possible through a combination of public and private monies. University Commons is funded in large part by our successful $25 million capital campaign. The USM/LA addition will be partially funded by a $1 million capital campaign, the first in the history of our L-A campus.
The successful completion of these projects is critically important to the development of this institution, and to our ability to attract future public and private funding sources for a range of initiatives. All of this translates into a stronger USM with a transformative learning environment for the benefit of our students and their communities.
Regardless of your opinions on bond funding, I encourage you to exercise your right to vote on November 6.
Sincerely,
Joe
For more information, please click on http://www.usm.maine.edu/mcr/update This site includes the breakfast speech; the latest digest of ideas e-mailed to movingforward@usm.maine.edu; our work plan; and notes from the recent series of town meetings.
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