Fargo-based 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.
The gift means construction on the tower will wrap up in December of this year, approximately 18 months after breaking ground.
“Gate City Bank is a valued and critical partner for the NDSU Foundation and every corner of campus,” said John R. Glover, president and CEO of the Foundation. “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 pair of buildings will house the College of Health Professions after completion of the project. 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,” said Charles D. Peterson, Dean of the College of Health Professions. “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.
“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,” said Steve Swiontek, executive chair and chair of Gate City Bank. “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.”
The $2.3 billion Gate City Bank has 38 locations across 19 communities in North Dakota and west central Minnesota.