In a press event held Wednesday, Sept. 4, Gate City Bank announced a unique financing arrangement for North Dakota State University’s $28 million Aldevron Tower. This in-kind financial commitment is valued at more than $2.5 million.
The low-interest financing arrangement allows the NDSU Foundation to save money and support additional research space renovations in existing Sudro Hall. The arrangement provides funding for construction costs associated with the 74,000-square foot, six-story project while donors pay pledges to the Foundation over several years.
“Gate City Bank is a valued and critical partner for the NDSU Foundation and every corner of campus,” John R. Glover, President and CEO of the Foundation, said. “This financing arrangement allows NDSU to complete construction of Aldevron Tower in a timely and efficient manner and complete critically-important research lab renovations in Sudro Hall. The increased capabilities and expansion of these programs is crucial to serving the needs of our citizens.”
The College of Health Professions will call Aldevron Tower and Sudro Hall home. The expansion and renovation brings all of NDSU’s College of Health Professions’ academic programs — pharmacy, nursing, allied sciences and public health — together, enhancing education for students. Currently, faculty in the College administer seven National Institutes of Health RO1 grants, including work in pancreatic cancer and other diseases.
“Aldevron Tower is a dream come true,” Charles D. Peterson, Dean of the College of Health Professions, said. “Having state-of-the-art facilities is so critically important to the future success of our College in helping us recruit and retain the best and the brightest faculty and students to NDSU and in helping us deliver the highest quality education and research possible.”
Gate City Bank’s gift makes the immediate renovation to all three floors of Sudro Hall possible. Specifically, the donation will provide space to accommodate five new research faculty, office space for professional advisors in the college, the expansion of Sudro Hall’s animal research facility, a new common core equipment room and study and office space for graduate students.
“On behalf of all of the students in the College of Health Professions, I would like to say ‘thank you’, to Gate City Bank and donors to Aldevron Tower,” said Madison Lien, a senior nursing student in the NDSU College of Health Professions. “Your investment in us will make a tremendous impact on our future, but it will make an even greater impact on the patients we care for throughout our careers as graduates of North Dakota State University.”
Thanks to Gate City Bank’s support, Aldevron Tower construction will wrap up in December of this year, approximately 18 months after breaking ground.
“Gate City Bank is committed to providing a better way of life. Our support of Aldevron Tower will help develop and retain talented healthcare professionals right here in our community,” Steve Swiontek, Executive Chair & Chair of the Board at Gate City Bank, said. “We are proud to partner with NDSU to advance healthcare and contribute to our growing communities while providing greater opportunity for young professionals to call North Dakota home. We look forward to the positive impact that will result from this state-of-the-art facility.”
“Philanthropy plays an important role in our mission to remain a top-ranked student-focused, land-grant, research university,” NDSU President Dean L. Bresciani said. “From student scholarships to program support and faculty professorships, philanthropic donations support our forward movement. Unique gifts like those received by Gate City Bank in support of our Aldevron Tower allow us to fast-track construction of a facility that will meet the needs of our students and researchers. This positively affects the surrounding communities who have a strong need for this workforce. The healthcare industry benefits because of the support of Gate City Bank and other benefactors who have made generous contributions to support this project.”
NDSU’s College of Health Professions enrolls more than 2,000 students in pharmacy, nursing, allied sciences and public health. Once the expansion and renovation projects are complete, enrollment and research capabilities will expand, advancing the next frontier of experiential learning and discovery that will benefit North Dakota, the region and the world.
A $2.3 billion community bank with 38 locations across 19 communities in North Dakota and west central Minnesota, Gate City Bank is committed to making lives better by investing in their customers, communities and team members. Gate City Bank has been giving back to the communities they serve for more than 96 years through team member volunteerism, philanthropic giving and in-kind donations.
About NDSU Foundation and Alumni Association
The NDSU Foundation builds enduring relationships that maximize advocacy and philanthropy to support North Dakota State University.
About NDSU College of Health Professions
With an enrollment of more than 2,000 students, the NDSU College of Health Professions prepares future professionals for careers in pharmacy, nursing, medical laboratory science, radiologic technology, general/vascular sonography, echocardiography, respiratory care, health services, public health and pharmaceutical sciences research.