NY developer gives UM $100 million

ANN ARBOR, Mich., Sept. 9 (UPI) -- A New York real estate developer's $100 million gift to the University of Michigan School of Business Administration is the school's largest ever.

Stephen Ross, president of Related Companies, is a Detroit native and graduated from the Ann Arbor school in 1962 with a bachelor's degree in business administration, the Detroit Free Press reported Thursday.

To honor the donation, Michigan's Board of Regents voted unanimously to rename the business school after Ross, the newspaper said.

"This is the most generous gift in the history of the university," an elated Michigan President Mary Sue Coleman said Thursday. "It will be a transformative gift. We will celebrate all day."

Ross's gift comes during the school's $2.5 billion fund-raising drive that started in May.