Texas Tech University System Chancellor Robert Duncan on Monday said the system will have to ask the City of Amarillo to amend a deal to subsidize the school with $15 million in sales-tax collections.
Tech will be unable to meet the deadlines originally established in the agreement, he said.
After staying quiet since the Texas Legislature set aside $4.2 million for the school in its annual budget, Duncan spoke publicly about the future of the vet school in an interview with the Amarillo Globe-News.
Duncan called the money a planning grant that will help develop fundraising opportunities and a plan for accreditation and said the university system plans to return to lawmakers for start-up money.
“It’s nuts and bolts funding to, first of all, do what’s necessary to make sure we have a financially sound model and an academically sound model,” he said.
“I think that’s the goal and that’s what our mission will be here for the next two years with the funds that the legislature appropriated.”
He said the school will look to lean on industry and philanthropic support. As an example, Duncan pointed to the Paul L. Foster School of Medicine in El Paso, which was bolstered by a $50-million donation from the school’s namesake.
Tech has also captured a $25 million gift from the Hunt Family Foundation to open a dental school in El Paso.
“I think the board supports moving forward with the planning grant and of course expects us to do our due diligence and to come forward with a viable plan,” he said.
Duncan said the university system hopes to land another appropriation during the 2019 legislative session for start-up funding.
Lawmakers this year set aside $4.2 million for the vet school, well short of the $15.75 million requested by the Tech…