11/4/2009 - 12:00 AM

King College Med School Receives $25MM Grant to Locate in Virginia

Scott Robertson

Many entrepreneurs can tell you that the first investor is always the hardest to come by. The proposed King School of Medicine and Health Sciences Center now has that first investment, and King College officials hope it’s a rainmaker.

The Virginia Tobacco Indemnification and Community Revitalization Commission unanimously approved a $25 million grant for the med school on October 29, bringing to fruition weeks of lobbying by Dr. Gregory Jordan, King College president. The grant is the largest sum ever awarded by the organization. It is a matching grant, meaning King must now come up with an additional $25 million from other investors to receive the full amount from VTC.

“This will serve as a great catalyst for marshalling our resources,” Jordan says. “Our plans are to develop matching funds for the VTC funds and apply that first $50 million to development and construction.

“By becoming the first investor in this vital project, the Virginia Tobacco Commission has given us the foundation we need to move forward,” Jordan says. “From the beginning, we knew this effort had to be a collaborative one involving education, health care and the community. We are confident this generous gift will open the door for others to step up and make financial commitments.”

King officials have been targeting Southwest Virginia in their fund-raising efforts for the last several weeks, says Jordan. “In recent weeks we have engaged the industrial development authorities and economic development associations in Southwest Virginia regarding this project. We have had discussions with the VTC staff and have had talks with elected officials in Southwest Virginia at every level. We were met with positive responses at every level.”

Tobacco Commission member Terry Kilgore, a Virginia delegate, says, “Investing in the School of Medicine at King underscores our commitment to supporting projects in Southwest and Southside Virginia that significantly impact large numbers of our citizens. Dr. Jordan used the term ‘transformational’ when he pitched this project to us, and we see it exactly that way.”

William Wampler, state senator adds, “It will provide a strong future for health care across our region – which impacts every individual and family for miles around. And it creates untold potential for economic growth and new jobs, and it increases higher education opportunities for our bright, young minds.”

Once the first $50 million has been raised, says Jordan, a campaign will be mounted to raise $50 million more to support operations of the school. “Then, we have another $50 million to pursue after that initial $100 million. Those funds will be designated to expand the physical plant, to support opportunities for growth and to fund an endowment.” Tentative plans call for the first class of students to enroll in the new School of Medicine in the fall of 2012.

“As I said earlier, this effort has to be a collaborative one involving education, health care and the community,” says Jordan. “King College is the educational institution, our need for a clinical partner is being addressed by Wellmont and Holston Medical Group and this $25 million grant is a strong expression on the part of the community for developing the vision for the King School of Medicine and Health Sciences Center.”

King College’s medical education consultant, Tripp Umbach, projects that the School of Medicine will create 536 new fulltime jobs with an economic impact of $74.4 million in Southwest Virginia by the year 2016. By 2020, job creation within medical school and non-medical school programs is projected to reach 2,750, with an economic impact of nearly $365 million.