I’m pleased to share with you an update regarding The Reach development project, which was provided to the Board of Governors today.
We have now received our first proceeds from this project: just over $1.5 million. This money will be invested to fund student support (bursaries and scholarships) and research activities.
The Campus Master Plan 2013 resulted in the University Village concept for developing the Kamloops campus with an academic core for future academic and student needs, and with parcels of lands not needed for academic purposes. The concept envisions a vibrant campus where people learn, live, work, shop and play 24/7 and where diversity, our greatest community strength, is valued. It is intended to enhance the educational experiences of our students, to generate an on-going revenue stream for student support and research, and to be a significant benefit to Kamloops.
To realize this vision, the university created the TRU Community Trust (TRUCT) which in turn set up The Reach development project to generate revenue. Today’s proceeds are the first example. TRUCT develops the land parcels identified in the Master Plan through long-term leases with private developers so that the land is always owned by the university. It is the closing of the first lease with CAPE Developments, which is building Creston House—a condominium north of Old Main—that has generated these funds of over $1.5 million.
TRU and the TRU Foundation will receive an equal distribution of the returns from The Reach project. As long-term, excellent stewards of such funds, the money will be invested according to current practices used by both TRU and the Foundation. TRU will use revenue generated through The Reach for research activities via the Research and Graduate Studies office, while the Foundation will support students with bursaries and scholarships through the Student Awards and Financial Support office.
In closing, I appreciate that the development of The Reach, while exciting, is also creating some disruptions for us through ongoing construction activity. I appreciate your patience and support, as we remind ourselves that these activities are building a better TRU, for our future, for our students.
President and Vice-Chancellor