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KEARNEY, Neb. -- University of Nebraska Athletic Director Steve Pederson presented the financial plan and conceptual designs to the Board of Regents at the April 24 meeting in Kearney. The Board unanimously approved the agenda item, allowing the athletic department to pursue the issuance of bonds.
"With the current interest rates, we will save $200,000 in interest by refinancing the remaining bonds from the West Stadium project." Pederson said. "In addition, construction prices are as favorable now as we think they will become, so it makes sense to move forward as on this project as soon as possible."
Fund-raising efforts are continual and new monies raised would decrease the amount needed to be financed. "We are confident fund-raising will continue at a steady rate," Pederson said. "We have been canvassing the state since November on a daily basis and the public response has been tremendous. We know how important this project is for recruiting and we will continue to work toward our goal."
The costs of the project include:
- $40.8 million in design and construction fees to be paid to Sampson Construction
- $9.2 million in project-related fees
At the time the agenda was given to the Regents on April 16, the athletic department had raised $15 million through private donations, including $5 million in cash and more than $10 million in confirmed pledges.
The funding plan proposed to the Board of Regents includes:
- $5 million in cash in-hand donations
- $10 million in new five-year bonds
- $35 million in new 20-year bonds
The $53 million bond issue, includes $4 million in bond reserve funds, nearly $3 million in interest capitalization and $1 million in issuance fees. The bonds will be repaid from revenues generated from football ticket sales generated by additional seating. Fund-raising efforts are continual and new monies raised would decrease the amount needed to be financed.
The $50 million North Stadium building project includes:
- 6,460 new seats in the north end of Memorial Stadium (7,200 seats added, but 740 removed to accommodate for wheelchair access seating and seven new entrance vomitories)
- A new indoor fieldhouse that will be connected to the new athletic complex
- The Tom and Nancy Osborne Athletic Complex, that conceptually will include the following five levels...
1) Level 1 will be a performance level for student-athletes that will include a weight room, water therapy and athletic medicine areas, as well as the football locker room and offices for the strength staff, athletic medicine and equipment personnel
2) Level 2 will house the football coaches’ offices, football meeting rooms and the sports information office and will be on the same level as a new concourse with additional restrooms and concession stands
3) Level 3 will house the athletic director and other administrative offices
4) Level 4 is slated to handle all mechanical needs as well as offices for athletic computer services
5) Level 5, which overlooks the football field, will be a multipurpose level with conference rooms, game-day experience rooms, a large multipurpose room and additional office space. The structure to support a new scoreboard (that will sit on top of the North Stadium building) is included in this project, but the actual scoreboard will be financed separately.
The athletic department will donate the current South Stadium office building to Computer Science and Engineering upon completion of the new facilities, a gift valued at approximately $10 million.
An agreement in principle has been reached with Sampson Construction Company of Lincoln to design and build the new facilities within the $40.8 million cost ceiling specified in the university’s request for proposals. The proposal from Sampson has been reviewed and approved by university legal counsel and awaits signatures. Construction will begin as soon as possible in order to meet the fall 2006 completion date.
In addition to the bonds for the North Stadium project, the board approved $13 million for the refinancing of outstanding bonds for the West Stadium project completed in 1999. With the current favorable interest rates, the refinancing of the West Stadium bonds, issued in 1997, could result in a savings of $200,000.