Board of Regents members said they eagerly anticipate the discussion of economic development issues at Wednesday’s meeting in Iowa City.

Gov.. Tom Vilsack identified economic development as one of his top priorities in his State of the State address on Tuesday.

“Economic development is a huge priority to Vilsack,” said Barbara Boose, communications specialist for the Board of Regents. “The Regent universities are critical in the effort of economic development.”

Boose said the Regent universities have received a record $587.1 million in federal and foundation grants this academic year.

Regent David Fisher said the University of Iowa was provided approximately $360 million and Iowa State has been given $240 million.

Greg Nichols, executive director of the Board of Regents, said he is looking forward to hearing about the issue.

“It’s been a while since there has been a report on the research parks,” Nichols said.

He said he is also looking forward to hearing the universities’ strategic plans.

Plans for the monies and resources must be made because of regulations placed on them.

“These monies have to be used according to the funding source,” Boose said. “[The universities] can’t use the money to pay salaries.”

Boose said the money could create jobs in Iowa because the projects the money goes to will create work, resulting in more positions that need to be filled.

This money will be an asset to Iowa’s economy and bring prestige to the universities, Boose said.

Another issue that will be addressed at the Board of Regents meeting is class size and the amount of undergraduate hours taught by tenure faculty, she said.

The issue of resigned faculty on Regent university campuses will also be discussed because many faculty have left, Boose said.

According to a docket memo, fiscal year 2002 had an increase of 3.8 percent in faculty resignations from 2001.

“We don’t like to lose our faculty to other institutions, but it could just be because of a life change,” Boose said.