On February 7, the UBC Board of Governors approved the third phase of renovations to the Sauder School of Business. This phase is valued at $5.7 million.
Phase 3 focuses on the Henry Angus building, and includes administrative area finishes, office upgrades, exterior envelope repairs and window replacements to improve energy efficiency. It also includes elevator, electrical and seismic upgrades that became apparent during Phase 2 construction.
Full funding for Phase 3 will come from the Sauder School of Business’ operating reserves. The School experienced an unanticipated growth of its reserves due to stronger than expected performance of its professional programs despite a weak international economy. Although operating reserves are generally not intended for capital projects, a decision was taken to use the reserves for the Phase 3 renovations as this gives the ability to complete the project earlier than anticipated.
In addition, the School will contribute $2M to pay down the mortgage for Phase 1 and 2, thereby reducing the horizon of the student payments by seven years. The mortgage is supported by a commerce student fee levy in the BCOM, MBA, and MM programs. The School is also contributing $2M back to the university, which committed $10M to the project. The School has fundraised $27M to complete Phase 1.
The UBC Board of Governors has expressed its delight with the strong performance of the School’s programs and its efforts to reduce the burden on students. The University and the Sauder School of Business are grateful for the support of its students and donors, who are partners with us in improving the student experience and creating extraordinary new facilities.
Phase 1 of the renovations, including Henry Angus ground floor classrooms, a new addition and a new façade, was completed in January 2010. Phase 2 construction of student classrooms and social spaces, including a new Learning Commons, is scheduled for completion and use by students by September 2011.
Stephen J. Toope
President and Vice-Chancellor