The Biosciences Building was submitted to the State of Michigan as an $89.4 million project.
The project includes another $5.8 million in related costs that cannot be part of a state proposal. These include the demolition of Washington Court Apartments and research/lab equipment not installed as a permanent, affixed part of the building.
The project will be funded with the $30 million capital allocation signed in June 2012 by Governor Snyder. This currently is the capped, maximum amount allotted by the state legislature for any university construction project.
Remaining costs will be funded by a combination of bonds (important, considering current low financing rates), university central reserves, and fundraising. Amounts for each of those three sources will be set by the end of the year, when the project is submitted for final approval by the Board of Trustees. No monies are slated to come from the reserves of other colleges, nor will it be necessary to raise student tuition to pay for the building.
On April 11, 2013 the CMU Board of
Trustees approved the construction of the new Biosciences Building - the
largest capital project ever for the university.