[Vision2020] where are the local papers?

[Mark Solomon]

This from the Spokesman, dated yesterday. m.

UI Sandpoint campus plan shelved

 From staff reports
October 22, 2007

The Wild Rose Foundation said late today that it's putting on hold 
its proposal to finance a University of Idaho campus in Sandpoint due 
to a downturn in the foundation's financial portfolio.

Timelines for the project have been put on indefinite hold based on 
the financial considerations, foundation director and Coldwater Creek 
founder Dennis Pence said in a statement.

"As a large percentage of the assets of the Foundation reside in 
equities, and the value of the portfolio has declined substantially 
over the last six months, Wild Rose has requested to the University 
of Idaho that the planned development be delayed until such time as 
the condition of the investment portfolio of the Foundation 
improves," Pence said.

Tim White, president of the University of Idaho, said in a statement, 
"The University of Idaho is disappointed by the delay in the planned 
Sandpoint facility. Dennis Pence's vision for creating educational 
opportunities in northern Idaho resonates with the university's 
mission and we look forward to resuming the project at the 
appropriate time."

The delay does not affect existing UI programs in Sandpoint, 
including the executive MBA program.

"We look forward to putting the project back on track as soon as 
feasible," Pence said, adding that he will continue "unqualified 
support" for the learning center. Pence also said the delay was 
"personally disappointing," and he praised the university for its 
support of the project.

Through his foundation, Pence committed to spend at least $36 million 
on the project, according to an agreement approved in August by the 
Idaho State Board of Education.

The board at that time backed a plan to sell 77 acres owned by the UI 
just north of downtown Sandpoint to the Wild Rose Foundation for 
$6.25 million. Most of that money would have gone into a trust for 
educational programs at the site, and the foundation agreed to spend 
at least $30 million to build the first four buildings, which were to 
be given to the UI, according to the agreement.

Classes were tentatively scheduled to start at the Sandpoint Center 
in fall 2009. A variety of offerings would have been available, with 
an emphasis on interdisciplinary programs focusing on the liberal 
arts, natural resources and food science. Other programs would have 
included the UI's executive MBA program, already available in 
Sandpoint, as well as offerings from North Idaho College.

Pence is chairman and CEO of Coldwater Creek, the Sandpoint-based 
clothing operation that has seen booming growth in recent years.
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