by ASHLEY GOUDEAU / KVUE NEWS and Photojournalist ROBERT McMURREY

kvue.com

Posted on May 3, 2012 at 5:41 PM

Updated yesterday at 6:03 PM

AUSTIN --With an unanimous vote, it was decided that Austin will be the home to a new UT medical school.

Thursday, the University of Texas Board of Regents voted to provide money to establish the school. A project State Senator Kirk Watson (D)has been working on since last fall.

"Today what you saw was a transformative historical vote,"Watson said.

Supporters say Austin is one of the only cities of its size without a medical schooland now the pieces are in place to develop one in the city, starting with a $250 millioncommitment from Seton University Medical Center Brackenridge to build a teaching hospital. Now, there's also thecommitment from the UT Board of Regents.

The medical schoolwill cost about $60 milliona year to establish and operate. The board voted to provide $25 million annually for the school. They alsocommitted an additional $5 million each year for eight years to recruit faculty and staff. That money will come from the Available University Fund,money the university collects on oil and gas royalties for property it owns in West Texas.

That leaves a$35 milliona year gap to operate themedical school. That's moneyuniversityofficials say will come from other resources and the community.

See the original post here:

Board of Regents votes to bring medical school to UT Austin