place for the provost position. President Todd noted that he serves on two or three committees with other presidents of institutions and would be receiving input from them. In the meantime, Dr. Scott Smith is doing a good job while the search in ongoing.
President Todd gave an update on capital projects. He reported that he had met with legislators in Frankfort about all the capital needs for the university. He does not anticipate much help from Frankfort; therefore, the university must put research at the top of its priorities.
President Todd reported that he is working to improve his communications with faculty. He plans to attend college meetings as soon as possible and has already met with the Fine Arts faculty. He will be meeting with the University Senate and plans to begin having breakfasts with selected faculty across campus. He talked about a book entitled The World is Flat and encouraged the Board to read it. He plans to schedule campus lunches to discuss the book in an effort to improve communications on campus.
President Todd talked about undergraduate initiatives and said the administration needs to maintain its focus on undergraduate studies. There will be an announcement soon about a Center for Undergraduate Excellence. There will be seven living-learning centers in the dormitories. He explained the process for students to learn throughout the day and stated that this should help the retention rate. Some major committees will be working on this issue. He noted that he welcomed 400 honor students to campus yesterday.
He concluded his remarks by saying that these are the kinds of updates that the Board should know, and he feels good about this update.
E.        Coldstream Update
Mr. John Parks, Executive Director of Coldstream Research Campus, gave the Board the following report on the Coldstream Campus.
Progress in fiscal year 2005
During fiscal 2005, seven new tenants were brought into Coldstream bringing the total to 28. These ranged from a one-person start-up company to the American Board of Family Medicine which will employ over 50 once their building is completed. Also, an additional 50.31 acres were leased, bringing the total in the campus under development to 154 acres.
Total employment at Coldstream grew from 604 employees in June 2004 to 723 in June 2005. The previous peak employment was 691 jobs at Coldstream in fiscal 2001. These tenants have occupied all but 8,000 square feet of currently available space in Coldstream, and that space has a lease pending. This puts us in critical need of additional speculative space in order to address the interest from the rapidly growing high-tech sector.
Construction commenced on the facility for the Center for Pharmaceutical Science and Technology (CPST) in the fall of 2004, and the building shell should be completed this