The University of Kansas is seeking authorization to build a $65.7 million business school building.

The university plans to bring the request to the Kansas Board of Regents next week. The proposed six story structure would be located on Naismith Drive directly across from Allen Fieldhouse.

A memo to the regents says the university already has raised a substantial portion of the cost of the 166,000-square foot building. The memo says the KU Endowment Association has agreed to advance funds for the project and will be repaid as pledges mature over several years.

Summerfield Hall houses the current business school. When the new building is finished in time for the 2015-16 school year, Summerfield Hall will be used for other purposes.