WKU Foundation purchases land

Jessica Voorhees

 The WKU Foundation bought the property adjacent to the Augenstein Alumni Center by the parking garage.

Kathryn Costello, vice president for Development and Alumni Relations, said the Foundation had the best means of developing the space and that it has a business model that ensures longevity.

Rick DuBose, executive director of the WKU Alumni Association, said WKU initially intended for tenants to move into the property, but decided the WKU Foundation would provide more financial stability through complete ownership.

“The university decided it was more effective under the control of a private entity that has resources,” he said.

Costello said the downtown development committee intended to complete Block 12, where the land is located, through a 30-year payment plan, but the WKU Foundation financed it faster.

She said the WKU Foundation pays a lease and will completely own the space in six years.

Costello said the development authority will reimburse the WKU Foundation for supplying the funds.

She said the board will then make a decision whether the Alumni Association or the WKU Foundation will control the property.

The land purchase would help accomplish the WKU Foundation’s goals of “promot[ing] the welfare and future development of Western Kentucky University’s educational goals by managing assets and maintaining donor records for the benefit of Western Kentucky University.”

 “There’s no conflict,” Costello said. “It will just be what makes the most sense.”