Saturday, Aug. 08, 2009

Building Our City: Pastides urges fresh approach to bolster Innovista

University of South Carolina president Harris Pastides told the Board of Trustees on Friday that the school has had some struggles in moving forward with plans for Innovista, its downtown research campus and needs a fresh approach.

Pastides’ comments came three days after the university fired a second developer for the project. He was let go because he could not put together the financing needed to build the campus’ first private building.

“Certainly, the rapidly declining economy during the course of the project is partially responsible for why two developers could not finance the project, but I will not use that as an excuse,” Pastides told board members. “We are at a turning point. We need a fresh assessment in light of what we have learned in the past few years and, yes, in light of the economic climate that is expected to prevail for a while.”

That economic climate, Pastides said, is also expected to reduce the amount of state dollars USC receives over the next year.

“State revenues are down again and we will likely be notified on Aug. 13 that there will be another cut to our budget of approximately 4 percent,” Pastides said.

A 4 percent cut in the school’s state funding would amount to about $4.9 million for USC Columbia and $6.8 million for the entire university system.

USC Columbia had its state funding reduced by $43.7 million, or 23.8 percent, from fiscal 2007-08 to fiscal year 2008-09.

“We will cope,” Pastides said of the expected budget cuts. “We will also advance.”

The bitter pills Pastides offered the board regarding Innovista and the budget were leavened by a recap of progress the school has made in establishing itself as a research power.

He noted that three research buildings, including the Arnold School of Public Health Research Center, have been built.

Pastides reminded the board of the high-profile scientists and researchers who have come to the university and the large federal grants they have helped secure.

Board chairman Miles Loadholt said the sour economy is to blame for problems with Innovista.

“It has not progressed as rapidly as we had hoped,” he said. “We do still have confidence in it. We still have a lot of confidence.”

Innovista executive director John Parks brought in the developer who was fired last week and has served as the university’s point man on the project.

William “Ted” Moore, USC’s executive vice president for academic affairs and interim provost, said Parks will not suffer the same fate as the developer.

In addition to receiving a broad update from Pastides on Friday, the board promoted one of its own, Eugene Warr Jr., to the vice chairmanship.

Warr, an attorney who has been on the board since 2003, replaces Samuel Foster II, who resigned last month after federal investigators in North Carolina charged him with bank fraud and filing a false tax return.

The board’s bylaws do not guarantee that Warr will become chairman, but vice chairmen of USC’s board have typically moved into the chairmanship after a few years.

Reach senior writer Wayne Washington at (803) 771-8385.

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