The Hall of Fame, founded in 2004, was awarded a $5 million capital campaign grant from the Galveston, Texas-based Moody Foundation to increase the total funds raised to $7 million, not including the value of the land committed by the city of Lubbock. The Hall's total campaign goal is $13 million -- $9 million for facility construction and $4 million for endowment.
"This is a momentous day for our organization," Hall of Fame executive director Mike Gustafson said in a statement. "This is a huge step forward for the capital campaign and the mission of the museum."
The museum is currently operated by the College Baseball Foundation in conjunction with Texas Tech University. The goal of the campaign is to finance a stand-alone museum that will remain in the Lubbock area.
"The Moody Foundation has a long history of activities in Lubbock," Frances Moody-Dahlberg, executive director of the Moody Foundation, said in a statement. "The timing couldn't be more perfect to support the College Baseball Hall of Fame given the Moody history with baseball and economic development."
According to a release, the hope for the new museum will be to preserve artifacts and stories that tell the history of college baseball, and to provide educational opportunities for visitors. The complex will also include a baseball field for youth tournaments and other amateur baseball events.
"Generous support from within Lubbock, across Texas, and around the country are all important components in realizing this national treasure," Jana Howser, Hall of Fame vice president of development, said in a statement. "The decision by the Moody Foundation to grant $5 million dollars is spectacular. We are immensely grateful for their generous decision and are excited about the road ahead."
The Hall inducts five former college players, five former coaches and two veteran players (from the pre-1947 era) annually. Lou Brock, Nomar Garciaparra, Tim Jorgensen, Brad Wilkerson, Ed Cheff, Wayne Graham and Frank Sancet were the 2012 inductees.