SMU says the $35 million donation from Ray Hunt will not be used solely for the purchase of Park Cities Plaza but also an additional academic initiative. The news was announced in a press release responding to The Daily Campus’ Aug. 11 story revealing that Hunt had given the school the money for the purchase of the shopping center.

SMU says that a major part of the Hunt gift will be “designated for an academic initiative, and other SMU resources will cover that part of Park Cities Plaza purchase.”

The university said that the Hunt donation had not been made public because the money was to be a part of the Centennial Campaign, which does not go public until 2008.

“Typically, we announce such a large gift strategically at the start of the public phase to energize the kick-off,” said Brad E. Cheves, SMU vice president for development and external affairs.

The $35 million is the largest single gift in SMU history.