Otter made the announcement with several other community college supporters in the newly refurbished Capitol Park in downtown Boise.
"This is absolutely huge," said Milford Terrell, from the Idaho Board of Education.
With the pledge from the Idaho Legislature of $5 million, the school has $15 million in startup funds to work with.
The check from the Albertson Foundation comes on the heels of the successful passage of a new taxing district to create the first state-funded community college in the Treasure Valley. The school is tentatively set to be located in Nampa, at the site of the Boise State West Campus.
Yet to come: the naming of a set of five trustees, by the state Board of Education, who will later be elected to those positions.
Terrell said the board was actively taking applications for the trustee positions, but the deadline is June 7.
State Superintendent of Schools Tom Luna said the qualifications for the job weren't really set in stone yet, but that he thought they might be similar to those expected from a member of a local school board.
"I think we'd look at the whole gamut," Luna said.