The State Budget Committee has approved Indiana State University's plans to turn the former Terre Haute federal building into a business school.
The 78-year-old building will be renovated and converted into the new home for the Donald Scott College of Business for Indiana State University. The university's main campus is in the western Indiana city.
Democratic State Sen. Tim Skinner of Terre Haute says more than $6 million in initial renovation costs have already been paid through federal funding, with $20 million more needed. The State Budget Committee approved $9 million in bonding authority for the project this week. The university has received private pledges so far to cover more than half of the remaining $11 million that's needed.