VINCENNES, Ind. (WTHI) - Local leaders from Knox county gathered Tuesday afternoon at Vincennes University. The packed room learned of a financial boost for a local project.
Sangtae Kim from Purdue University says, "A $2 million endowment that we've created. Which over the next five years the income from the endowment would be directed in collaboration between my school and the Pantheon business theatre."
Two million dollars from Purdue will be used to help Purdue chemical engineering students who will be collaborating with startups in the incubator at the Theatre
Mayor Joe Yochum says, "It's huge. This is huge for the future of Knox County."
The endowment requires a $2 million match from the city and county. Yochum says they are working on where to find those funds.
Yochum explains, "It would be through private. I'm sure it could be matched through grants and other ways. We're going to do everything we can to come up with the two million match."
Estimated costs to get the Pantheon theatre ready to go is $2.4 million. The city and county already have provided $1.2 million each to make that goal.
Knox County Commision president Kellie Streeter says, "We're also applying for grants through OCRA as well as USDA. We've had several other private entities that have also wanted to donate money."
Funds that both city and county officials believe is essential in the future of Knox County.
Streeter says, "This is a synergy that is moving us towards the future of partnering with the corporate community as well as Purdue University."