Simmons opens its season on the road at College of the Cumberlands on Oct. 24, followed by a trip to IU Southeast.
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Cosby is the President of Simmons College of Kentucky, Louisville's only Historically Black College and University.
Stewart Hall was built 100 years ago.
The Lady Falcons of Simmons College recently won the National Christian College Athletic Association Women's Basketball Championship.
The goal is to help navigate more people of color to careers in aviation.
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The school's president said the program is needed to address mass incarceration, crime, systemic racism and the recidivism rate.
Simmons plans to use the building as office space for the National Baptist Convention of America, International, Inc.
The Norton Sports and Learning Center will host the first-of-its-kind event.
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Rev. Dr. Kevin Cosby, the president of the college, said he hoped the money would help bring more representation of minorities in science, technology, engineering and math careers.
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The council’s report revealed years of mismanagement under former President Christopher Brown including overspending and lack of attention to the school's budget.