News Release

BOISE STATE NEWS RELEASE / March 3, 2008

Boise State University Foundation Enters Intent to Purchase Property Agreement with SUPERVALU for Future Research Park

The Boise State University Foundation has agreed in principle with SUPERVALU Inc. to purchase 8.3 acres of property and an 80,000-square foot building located at 220 Parkcenter Blvd. next to the main Albertsons building. The Foundation will pay $7 million for the building, and SUPERVALU will gift a portion of the property’s market value -- a gift in excess of $3 million -- to the Foundation. Upon finalization of the transaction, the Foundation will lease the property to Boise State University which plans to develop a new research park, pending final approval by the State Board of Education.

“I commend SUPERVALU for its dedication to higher education and its investment in our emerging role as a metropolitan research university,” said Dr. Bob Kustra, president of Boise State University. “This agreement represents an opportunity to expand our research capacity and better connect the work of our faculty and students with the needs of the community.”

The former Ore-Ida building is envisioned as the future home of the Boise State’s first dedicated research park. More than 50 centers or institutes currently exist on campus working for the benefit of Idaho and beyond, ranging from the Center for Health Policy to the Andrus Center for Public Policy. The increasing number of research centers and limited space on the main campus are resulting in the plans for a research park.

“Since our acquisition of Albertsons in 2006, we remain committed to the Boise community,” said Jeff Noddle, SUPERVALU chairman and CEO. “This agreement allows us to support a distinguished, higher education institution committed to developing the best and brightest minds, while also meeting the needs of the community.”

SUPERVALU announced office space consolidation plans in November 2007. Once the transaction closes, SUPERVALU employees will occupy the property located at 250 Parkcenter Blvd. and other select locations.

Boise State research continues to gain in momentum and stature, setting a new university record by netting $26.8 million in sponsored project funding during the last fiscal year. Since 2000, total awarded funds for research have increased 47 percent. During that same period, total awarded funds from the National Science Foundation have increased 130 percent and funding from the National Institutes of Health has increased 314 percent.

Boise State is fostering research programs that deal with issues like the development of new energy sources, treatment of debilitating diseases such as Alzheimer’s and West Nile Virus, and testing of wireless sensor networks that can study aircraft cabin quality.

“University research programs pump millions directly into the regional economy. They don’t just add to the stature and prestige of the institutions where they are housed and the scholars are doing the work,” Kustra said. “It’s true that the momentum we’re building in top-notch research programs helps Boise State attract the best faculty and students possible. In the final analysis, Boise State’s research makes the Idaho economy more vibrant.”

About SUPERVALU INC.

SUPERVALU INC. is one of the largest companies in the United States grocery channel with estimated annual sales of approximately $44 billion. SUPERVALU holds leading market share positions across the U.S. with its approximately 2,450 retail grocery locations, including more than 900 in-store pharmacies. Through SUPERVALU's nationwide supply chain network, the company provides distribution and related logistics support services to more than 5,000 grocery endpoints across the country. SUPERVALU currently has approximately 190,000 employees. For more information about SUPERVALU visit www.supervalu.com.

About Boise State University

Boise State University is emerging as a metropolitan research university of distinction. This transformation is being powered by the university’s first comprehensive campaign to support students, faculty, strategic initiatives, research and infrastructure. That’s why the campaign to raise $175 million in private support is called Destination Distinction.

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Media Contacts:

SUPERVALU INC.
Natalie Danaher, SUPERVALU Public Affairs, 952-828-4356
natalie.danaher@supervalu.com

Boise State University
Frank Zang, University Communications, 208-426-5391
frankzang@boisestate.edu
 

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Last reviewed on Monday, March 03, 2008