An $80 billion budget deal spells victory for downtown St. Pete. Under the budget compromise the University of South Florida St. Pete will receive $12.3 million for its Kate Tiedemann College of Business.
The funding is necessary to complete a new building for the college behind the existing Piano Man building west side of the campus.
“It’s been our number one priority for, I think, three years,” said St. Pete Chamber of Commerce president Chris Steinocher.
The pro-business group put pressure on lawmakers to include funding in the budget to complete the business school’s new home.
“It’s really going to be a hub for the business community,” Senator Jeff Brandes said.
The building is expected to contain meeting space that could attract outside entrepreneurs to St. Pete.
Classes for USF St. Pete’s School of Business are currently spread out over four buildings making it difficult for the 1,000 undergraduates, 200 graduate students and faculty members to provide a seamless program.
The 60,000 square-foot building designed by local architecture firm Harvard Jolly will house computer labs, classrooms and faculty offices.
“And obviously there’s the quick direct impact of construction jobs over the next year and a half,” Steinocher said. “It’s a beautiful day when you have more cranes in the air because that means more families are being fed.”
The creation of a more robust school of business in St. Pete’s urban core could also boost jobs in the area by making the city more attractive to prospective employers.
“It’s really going to be a hub for the business community whether it’s just bringing in experts into the community or growing talent out of the business community,” Brandes said.
Lawmakers settled on a budget late Monday night after about $300 million in local project funding was added, including the USF St. Pete College of Business funding. A USF medical school proposed in downtown Tampa would also get $17 million.
Brandes said up until the last minute lawmakers didn’t know how much money would be available in the budget for the project.
“We were all prepared for a lower number,” he said. “We were ecstatic when it came out at 12 million.”
While the budget appears good-to-go, lawmakers won’t finalize it with a vote until later this week. State law requires a 72-hour waiting period once a budget hits lawmakers’ desks.
From there it would still require Governor Rick Scott’s approval.
Legislators are under the gun with this year’s budget. If one is not approved by July 1 the state faces a partial government shutdown. Legislators are in Tallahassee for a Special Session after adjourning their regular session early last month without approving a budget.