Florida State University and Koch Brothers…significant or not?

Via Alternet and the St. Petersberg Times:

A foundation bankrolled by Libertarian businessman Charles G. Koch has pledged $1.5 million for positions in Florida State University’s economics department. In return, his representatives get to screen and sign off on any hires for a new program promoting “political economy and free enterprise.”

The agreement is here.

Since readers include university professors, what is the deal? What is usual or setting a new bar for funding in a public institution?