Law school still in session

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While many business and non-profit organizations are holding their collective breaths in the midst of this economic freefall, those involved with the construction of the new Marquette University Law School can breathe a sigh of relief.

The project, which broke ground in May on the corner of 11th and Clybourn streets, recently cleared the financial hurdle of having to secure debt financing for a large portion of funding for the $85 million complex.

http://law.marquette.edu/building/project.html

“The bonds have been successfully placed, with value in the tens of millions of dollars,” Law School Dean Joseph D. Kearney said. “That is quite an accomplishment given the current economic circumstances.”

Kearney said approximately $67 million has been pledged to this point, although a good chunk of the money will be collected throughout the course of construction on the complex, which is expected to open in 2010.

Until the checks start rolling in, Marquette needed to secure bonding to keep the concrete pouring at the site.

On Nov. 20, a $62 million bond was finalized.

“The funny thing is that contractors don’t want to be paid over a number of years,” Kearney joked. “We always knew we would have to bridge financing to build the building.”

In an effort to raise the remainder of the $18 million needed to complete the project, Kearney said the law school recently launched a “postcard” campaign to encourage alumni to donate to the cause.

While contributions have continued, Kearney hoped to make a seven-figure announcement early in 2009.

As far as financial commitments already in place, including the $51 million gift from Ray and Kay Eckstein and the $30 million ($5 million for construction costs) from Joseph Zilber, Kearney had no doubt that those are as rock solid as the foundation of the new school.

Still, Kearney does not expect the construction process to be completely immune to the economy.

“The short answer is I don’t know what is going to happen,” Kearney said. “The longer answer is it is difficult to imagine that we will be entirely unaffected by this.”