Low oil prices affect funding for planned Spencer and Marlene Hays Business Commons

first_imgReddIt + posts The109: Berry Good Buys gets facelift from Amon G. Carter Foundation Twitter Former president George Bush visits TCU The Neeley School of Business has plans to build new facilities. The College of Science and Engineering Dean, Phil Hartman, retires after 40 consecutive years Linkedin Ali Montaghttps://www.tcu360.com/author/ali-montag/ Ali Montaghttps://www.tcu360.com/author/ali-montag/ Linkedin Neeley School of Business cracks Bloomberg top 25 undergrad programs Ali Montag TCU places second in the National Student Advertising Competition, the highest in school history ReddIt Ali Montag is a managing editor for TCU 360. She has previously worked at CNBC in New York and is headed back to work at Bloomberg next summer. In person, she only talks about her hometown of Austin and her cat named Louis Vuitton. Facebook Ali Montaghttps://www.tcu360.com/author/ali-montag/ Berry Good Buys gets facelift from Amon G. Carter Foundation printWhen TCU announced plans to build a $100 million expansion for the Neeley School of Business in 2014, crude oil cost more than $90 a barrel. Now, it’s around $40.That drop, and the resulting costs to alumni in the oil and gas industry, has been a reason why funding for the project has been slow, Chancellor Victor Boschini and Board of Trustees Chairman Clarence Scharbauer said.“We still have people giving to TCU in record amounts, but they’re just giving less than they would have if oil had been at $60 instead of $40,” Boschini said.The remodel to create the Spencer and Marlene Hays Business Commons began with a $30 million donation from Emeritus TCU Trustee Spencer Hays and his wife Marlene.In the almost two years since the initial gift, TCU has raised a total of somewhere between $35 and $36 million dollars, Boschini said. The project is on hold until more funds are raised because the board predicates new projects on having the money before breaking ground.Plans for the expansion include updating existing Neeley buildings and adding a central atrium, new offices, and an auditorium, according to the Neeley press release from 2014.As for when the project can start, stakeholders are expecting oil prices to rise soon, Scharbauer said.“The infinite wisdom of people I’ve talked to in the oil industry have said it’ll be back in the 50’s maybe the 60’s by at least next year,” Scharbauer said. “I promise you if we can get the price back up, those gifts will be bigger.” Ali Montaghttps://www.tcu360.com/author/ali-montag/ Previous articleComin’ Up: saying goodbye to the gang lifeNext articleTCU students in National Guard ordered to assist Texas Ali Montag RELATED ARTICLESMORE FROM AUTHOR Twitter Facebook TCU Frog Camps returning to more traditional look this summerlast_img

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