DURHAM, N.H. (AP) – The University of New Hampshire said Thursday it plans to open a new college of business with the largest single donation in its history, $25 million.

The new Peter T. Paul College of Business and Economics would replace UNH’s existing Whittemore School of Business and Economics, which has outgrown its existing campus home and turns away qualified applicants for lack of space.

Paul, who graduated from UNH in 1967 with a degree in business administration, challenged the university and business communities to raise about $25 million more to pay for the college’s estimated cost of about $50 million.

Paul, who lives in Larkspur, Calif., and Portsmouth, grew up in Troy. His business interests include Paul Financial LLC, a mortgage banking company he founded, California-based Peter Paul Wines and West Biofuels.

The university’s largest previous single donations were of $10 million, given in 1998 and 2001.

“Now is the time to make an investment in the future of UNH, the state of New Hampshire and the young people of this region,” he said.

Daniel Innis, dean of the Whittemore School, said the new building and college will transform business education, including graduate and research programs, at UNH.

The Whittemore School is housed in McConnell Hall, which was built to accommodate 1,000 undergraduates but now handles 1,800. The new building would have the capacity for about 2,500 undergraduates, UNH said.

Paul, who lives in Larkspur, Calif., and Portsmouth, grew up in Troy. His business interests include Paul Financial LLC, a mortgage banking company he founded, California-based Peter Paul Wines and West Biofuels.

The university’s largest previous single donations were of $10 million, given in 1998 and 2001.

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AP-ES-06-05-08 1522EDT