The University of Toledo has raised enough money to receive a nearly $1 million grant from the Kresge Foundation toward the construction of its new business complex.
The Kresge Challenge Grant, originally announced in September, 2007, required UT to raise $4.4 million toward the construction of the Savage & Associates Complex for Business Learning and Engagement.
As of the end of March, UT was successful in raising $4.5 million, which means the university will receive the $900,000 challenge grant, said Tom Gutteridge, dean of the UT College of Business Administration.
A celebration was held yesterday in the lobby of Stranahan Hall.
The $15 million, 54,000-square-foot complex under construction will include 10 classrooms, 5 meeting rooms, 8 conference rooms, a 40-seat boardroom, and a rooftop garden.