The Board of Regents’ Finance and Facilities Committee approved $400 million worth of investments, construction and repairs Tuesday.
Andrew Cullen, associate vice president of Office of Planning Budget and Analysis, asked the committee to continue to allow McDonnell Investment Managment discretion to handle the University’s finances.
He said UNM avoided losing money in an unstable market because of the investment firm.
“We’ve avoided a lot of pitfalls,” Cullen said.
UNM Vice President David Harris said having an outside investment company is the safest route.
The committee also discussed construction of the Children’s Ambulatory Care Center, along with other construction projects and repairs. The Center was approved and will provide general pediatric services. It will be located north of the Bill and Barbara Richardson Pavilion and will cost $40 million, UNM Budget Officer Vahid Staples said.
The approved items will go before the Board of Regents at its next meeting.
“Twelve million dollars would come from 2010’s General Obligation fund, and the rest would come from UNMH’s capital,” Staples said.
Staples said the building would replace an existing parking lot, and a parking plan would have to be addressed in the future.
The committee also approved the construction of the Facility for Advanced Cell Engineering, which costs about $2 million, Staples said. The facility would be used for research in cell studies and organ transplants, and the project would take about 400 square feet in the Basic Medical Sciences Building’s existing space, Staples said.
“The facility would be used to study human disease and transplant rejections,” Staples said.
The committee also approved $1.9 million in renovations for the Clinical and Translational Science Center and the Basic Medical Sciences center.
