The Legacy Fund was established by vote of the state's residents. Personally I like the current idea of using the investment income from it to buy down and eventually eliminate residential property taxes.
Ndsu is given $100 million by the state for ag research and extension. UND gets $0 from the state specifically for med research. When federal grants require matching funds, it makes a difference.
Since they're going up everywhere these days, this could be a great location for a senior living facility if UND isn't going to use it. College athletics, other events, and workforce all nearby.