Indiana State University will receive $101.5 million as part of the Indiana General Assembly's biennial budget.
The university can bond up to $75 million for the renovation of Hulman Center, however, the state will pay a maximum of $37.5 million through fee replacement. ISU's board of trustees may not lease or transfer any ownership interest in Hulman Center unless the proposed lease or transfer of ownership interest has been reviewed by the state budget committee.
In addition, the university may bond up to $64 million for renovation for the college of Nursing, Health and Human Services.
The college of Nursing, Health and Human Services is located on the west side of ISU's campus between Fourth and Fifth streets and is growing in terms of enrollment and academic programs. However, it currently is spread out all over campus in various facilities, and a new plan would allow for all but one department to be housed under one roof.
The current building was built in two phases in 1961 and 1985 and has undergone no renovations or updates since then.
State Rep. Bob Heaton, R-Terre Haute, who serves as the majority whip in the Indiana House of Representatives, said the state funding "is a historic high" for ISU. "These funds are crucial to the growth of this university and benefits the entire Wabash Valley," Heaton said.
Heaton spearheaded the effort for Hulman Center and ISU through the Indiana House. Heaton said nearly two-thirds of the biennial budget is dedicated to K-12 and higher education.