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September 22, 2008, 02:03 PM ET
Flood Recovery Will Cost U. of Iowa $25-Million
The University of Iowa has been asked to pay $25-million, or roughly 10 percent, of the damages caused by last spring’s major flooding, which inundated 20 campus buildings and destroyed millions of dollars’ worth of scientific and other equipment, the Iowa City Press-Citizen reported today.
Douglas K. True, Iowa’s senior vice president and treasurer, announced at the university’s Board of Regents meeting on Thursday that the bulk of the $232-million in estimated damages will be paid by the Federal Emergency Management Agency and the institution’s insurer, which has also agreed to advance the university $20-million.
So far the recovery has cost the university $48-million, according to the Press-Citizen. The regents also set aside $24-million, originally planned for construction projects, for future flood recoveries.
The overflow of the Iowa River in June damaged 20 buildings on the campus, including Mayflower Hall, the largest dormitory. In July a tally of damages suggested that $136-million was for buildings and $56-million was for the contents of those buildings. Removing debris was estimated to cost $20-million. Nine of the 20 buildings have been reopened, according to the Press-Citizen. —David DeBolt
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