Developer Gives $5 Million for New Cal State Campus
Developer Martin V. “Bud” Smith announced plans Wednesday to provide a $5-million endowment for Cal State Channel Islands, Ventura County’s emerging public university.
The gift--the second such donation in the last six months--will be funneled from Smith’s estate to the university after the death of the 83-year-old real estate mogul, whose empire once included the Fisherman’s Wharf commercial complex at Channel Islands Harbor and the Oxnard Financial Plaza.
The trust is expected to generate $8 million for the university over the next two decades.
A portion of those earnings will be used to reward faculty for superior teaching, provide student scholarships and establish an endowed chair to study land-use issues--the first step toward creating a university think tank to explore development issues confronting Ventura County.
Money will also be available for discretionary use by university President Handel Evans to pursue new projects.
“This gift is an incredible investment in the future of CSU Channel Islands,” Evans said.
Smith’s endowment matches a $5-million pledge last fall by Oxnard rancher John S. Broome, whose money will be used to establish a library and media center at the campus, now under development at the former Camarillo State Hospital complex.
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