Update – October 11, 2024: Board of Trustees approves purchase of future home of College of Engineering
The Illinois State University Board of Trustees will consider a resolution during its regular quarterly meeting on Friday, October 11, 2024, to purchase the COUNTRY Financial® property located at 1709 and 1711 General Electric Road, Bloomington, IL.
“Illinois State continues to invest strategically in areas that drive long-term growth and sustainability and uphold our commitment to fostering a supportive and inclusive campus community,” said Illinois State President Aondover Tarhule. “This is a creative and more affordable option that I’ve asked our Trustees to consider to better serve our future students.”
If approved by the Board, the acquisition would:
- Utilize the west side of the property, 1709 General Electric Road, to serve as the home of the new College of Engineering.
- Allow engineering classes to be held in this location beginning Fall 2026.
- Not exceed $17.5 million plus closing and related costs.
- Total $37.5 million in initial renovation costs (making acquisition and renovation equal to the original costs of the John Green and Carter Harris building project) while offering accelerated growth opportunities for the College.
- Create significant savings, even with additional renovation requirements, and additional space to reimagine the opportunities of the University’s eighth college and overall university operations.
The proposed property consists of 28.32 acres of land, including 392,000 square feet of usable space and more than 1,300 parking spaces.
If approved by the Board of Trustees, the initial property closing is expected to occur around November 15, 2024, and the acquisition will happen in two phases. The College of Engineering will launch in Fall 2025 and be temporarily located in Williams Hall as planned, while remodeling begins in Summer 2025 at 1709 General Electric Road. Completion and move-in is expected by Fall 2026. Under the proposed resolution, COUNTRY Financial will maintain ownership of 1711 General Electric Road through an escrow agreement to continue using the facility until December 31, 2026. The John Green and Carter Harris buildings will not be renovated and will remain available for the current facilities use or future campus needs. If approved by the Board of Trustees, Illinois State University intends to purchase the COUNTRY Financial property using tax exempt certificate of participation debt.
