The university’s new Biorenewables Institute came one step closer to reality Thursday as the Iowa Board of Regents held its monthly meeting in the Sun Room of the Memorial Union.

The regents approved the schematic design for the facility, which includes three structures: the main research laboratory, the department of agricultural and biosystems engineering offices and a parking structure.

The project also includes a large atrium linking all three structures together.

The project, to be located on the west side of campus south of the Design Building, is projected to cost $120.5 million.

Of that total, $32 million has already been approved by the regents. The regents are scheduled to review a $66.5 million proposal for the facility, and the remaining $22 million will also need to be approved for the parking structure.

The Department of Agricultural and Biosystems Engineering was listed as one of the top 10 undergraduate programs at research universities by US News & World Report, said Elizabeth Hoffman, executive vice president and provost. Currently, Hoffman said, the department is housed in one of the worst buildings on campus, Davidson Hall.

That discrepancy is one of the reasons the university is anxious to get the project underway. Construction is planned to begin this fall and be completed by the end of 2009.

The regents also approved other construction renovation projects around campus. A $1.2 million addition was approved, which would add a visitors and admissions center on the lower level of the MU.

David Miles, president of the Board of Regents, noted that this was the third time the MU renovation project has been revised by the regents.

“I think it will be nice to visit Iowa State when they’re not renovating,” said Craig Lang, regent member.

Representatives from the three regent universities later showcased their work on a new Web site designed to help community college students transfer to regent universities. The updated site, www.transferiniowa.org, is set to launch on July 1.