Colorado State Univ. President Supports $250M On-Campus Football Stadium
Colorado State Univ. President Tony Frank yesterday announced he “will support the construction" of a new on-campus football stadium, according to Anthony Cotton of the DENVER POST. However, Frank said that he will recommend to CSU's BOG that the 42,000-seat, $250M project "not begin until at least half of the cost is raised through private funding.” Frank: “At this point, the clearest path that I can envision is $125 million of philanthropic funds supported by stadium revenue commitments able to service $125 million of debt.” He added that if the university “has not identified a viable financing plan for the new stadium within two years, it will have to suspend the efforts and instead make investments in the existing Hughes Stadium to ensure it remains a viable option.” In August, the school's Stadium Advisory Committee said that stadium revenue commitments, including "areas such as ticket sales, naming rights and luxury seating," could total $13-26M in the first year the structure was open (DENVER POST, 10/2). Frank said that he would "have to be ‘extremely confident’ that philanthropic support, combined with committed stadium revenues, would cover the cost of the stadium before taking ‘any’ financing package to the CSU system Board of Governors for final approval.” He said that while the numbers “aren’t set in stone,” the projected cost “doesn’t include building a potential $16 million alumni welcome center and $30 million parking facility in university plans.” Frank added that it also does not include “an estimated $9 million to potentially move the Plant Environmental Research Center” from its current location. Consulting firm Conventions, Sports & Leisure Int’l said that the new stadium is “expected to bring in" $6.35-$18.31M in its first year (COLORADOAN, 10/2).
REBEL BASE: In Las Vegas, Joe Schoenmann notes cost and location plans for a “domed, 60,000-seat ‘mega-event’ stadium on the UNLV campus are coming into sharper focus two months before a review by the university system’s Board of Regents.” Sources said that the stadium would be located at the “site of the current UNLV baseball facility.” Schoenmann adds the stadium’s cost is estimated around $800M, with about one-third "coming from long-term naming rights and numerous forms of advertising.” Another third would “come from revenue generated at the site; the last third would come in the form of a sort of tax-incremental financing plan, which would help developers obtain long-term financing.” The state legislature will be “asked to approve the tax-incremental financing plan in 2013.” Sources said that earlier plans placed the stadium further south, but “concerns about interfering with air traffic into McCarran International Airport forced the move to the north.” Schoenmann notes a “key component to the plan is obtaining more than 20 acres of land currently listed as property of the Clark County Department of Aviation." Ultimately, the stadium would “become the cornerstone of a development currently called UNLV Now that includes 5,000 to 10,000 living units for college students and an on-campus retail/entertainment district.” UNLV AD Jim Livengood yesterday said plans were “moving ahead.” Livengood: “There’s no slowdown. There are a lot of moving parts. We are not at the stage where a lot of things are going public. But certainly in the next 75 to 90 days, a lot more will be known” (LAS VEGAS SUN, 10/2).