No Financing, No Stadium

[UNTflyer]

The weak economy is one more reason for Florida Atlantic University to keep its promise that the 30,000-seat stadium proposed for the main campus in Boca Raton won't get built unless it's self-financed.

General Counsel David Kian has told trustees that FAU is "having productive conversations" in its push for private philanthropy and corporate sponsorship. But FAU still needs at least $10 million in hand toward the $62 million stadium to approach bond markets. Otherwise, it "won't get built to the capacity or the timeline we want it to."

The financing plan must be finalized this fall to meet the stadium's planned 2010 opening of the anchor for an Innovation Village of student residences and retail. The largest donation: $1.25 million. FAU is seeking a $20 million naming-rights donor. Mr. Kian said the stadium "can't happen unless we get private financing. We can't spend taxpayers' money on the project; that's forbidden under state law."

The project has been scaled back from the 2002 plan that called for a 42,000-seat, $78 million domed stadium and 10,000-seat, $67 million basketball arena complex that would host between 60 and 80 events per year to help pay for it all. The plan now includes 2,400 residential housing beds and the stadium, to be used for home football games six Saturdays a year and a dozen high school football and soccer games.

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So a $65 million stadium needs about $10 million in hand. We have also talked about a stadium roughtly $55-65 million. Rumors are that we have, what..? $6-7 million in hand? Maybe this silent phase isn't such a bad idea. FAU has egg on its face.

[Huff]

One report that I heard was that we had about six million dollars in PLEDGES. That is not the same as money in the bank. It would be interesting to know how much we actually had IN THE BANK at this time. If anyone thinks that they can get a straight answer from someone in our Athletic Department, would you please give it a shot then post it here?

[DallasGreen]

One report that I heard was that we had about six million dollars in PLEDGES. That is not the same as money in the bank. It would be interesting to know how much we actually had IN THE BANK at this time. If anyone thinks that they can get a straight answer from someone in our Athletic Department, would you please give it a shot then post it here?

Straight answer from athletic dept.? Surely you jest!!!!!!!! Just bring it up in the next "quarterly" meeting-- quarter of a century that is.