The University of Texas board of regents unanimously approved a historic plan on Thursday to merge University of Texas- Brownsville and University of Texas- Pan American, which will also result in a medical school for the South Texas Rio Grande Valley community.

The Board also approved the allocation of $100 million over the next 10 years to accelerate the pace of transitioning the Regional Academic Health Center in Harlingen to a school of medicine.

According to the statement released by the regents, the plan would result in a single institution that spans the entire Rio Grande Valley, with a presence in each of the major metropolitan areas of Brownsville, Edinburg, Harlingen and McAllen.

The regents have authorized Chancellor Francisco G. Cigarroa to work with the Texas Legislature to successfully consolidate the two premiere universities of South Texas.

"If the Texas legislature approves this legislation and if the Governor approves it, the Valley will have access to funds that have, in the past, been legislatively out of our reach" said Robert S. Nelsen President of UTPA in a letter to the school community.

He also added that when these two schools along with a future medical school become one single entity, it will not only benefit the valley, but also 'make the institution one of the largest Hispanic serving institutions in the United States.'

As of now, UT Brownsville and UT Pan American are not eligible for revenue from the Permanent University Fund, a public endowment created by the Texas Constitution. A consolidated new university would be eligible for PUF funding - a major catalyst for building a world-class research university, complete with a school of medicine.

The new institution would also be eligible for more funding sources such as the National Research University Fund, the Texas Research Incentive Plan and matching UT System money.

The new university's overall size and portfolio would be similar to other existing UT emerging research universities with a student population of 28,000, research expenditures of $11 million, an endowment of $70.5 million and a total operating budget of $419 million.