In a major advancement of efforts to establish a medical school in Austin, the University of Texas’ governing board today pledged about $25 million a year toward operating costs — contingent on $35 million in annual funding from local governments, philanthropists and other community sources.
The governing board also said it would provide $5 million a year for eight years for laboratory equipment and renovations for a medical school.
“This is a call to action,” said UT System Chancellor Francisco Cigarroa. “The time is now. We don’t have any time to waste.”
The Board of Regents also called on community leaders in South Texas to raise tens of millions of dollars a year for a medical school in that part of the state and vowed to pursue additional funding from the state Legislature.