Structural problems might force ISU to demolish recently renovated building

TERRE HAUTE -- A building Indiana State University has spent nearly $1 million to renovate might be demolished because of structural problems too expensive to repair.\nUniversity officials on Friday were expected to recommend to the board of trustees that the former Prudential Building be razed and used for parking.\nThe structural defects were discovered in August 2005 during the second phase of renovation.\n"We have learned that it is more economically feasible to raze the structure and replace it with new construction than to make necessary structural reinforcements," stated a report by Gregg Floyd, vice president for business affairs.\nISU had big plans for the building, which had been used for economic development and community outreach activities. The ISU Foundation bought the building for $500,000 in January 2004 and donated it to the university.\nSome College of Business programs would have moved there, as well as the Center for Public Service and Community Engagement. The building also was intended to house a business incubator and provide a link to downtown, ISU officials said.\nSo far, the university's investment in the building includes $750,000 for construction and $210,000 for architectural and engineering services.\nISU says it will be able to reclaim some of the materials bought, which would reduce the net construction costs to $588,000.\nISU's investment could end up being as high as $1.4 million, a figure that includes demolition and possible fees to break a contract with the contractor.