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9.05        Permission to Proceed with Project Planning  

Institutions shall seek the approval of the Board prior to initiating formal planning for any project estimated to cost $2,000,000 or more.   Permission shall be requested in an exhibit in the Register of Capital Improvement Business Transactions.   The exhibit shall include a description of the need or identification of the program to be accommodated by the project; a narrative description of the project, if known; and of alternatives, if any, to the proposed course of action.   The estimated cost of the project expressed as a range and the probable source of funds shall be provided.   (Cost estimates provided at this time are tentative and are subject to later revision.   Permission may be sought at this time to seek architectural or engineering assistance or the services of a construction manager if that is the intention of the institution.)  The institution must submit, at this time, information to respond to the Board’s evaluation criteria for new building and renovation projects.