Bor And Stadium - The Reason

UNTflyer · November 24, 2008

Turns out that the BOR does not have to approve the athletic fee. It is going straight to the state legislature in January through the UNT Legislative Affairs office.

greenminer · November 24, 2008

Hooray Beer!

drex · November 24, 2008

OK, let me see if I get this right....the BOR sends the student vote directly to the legislature for their approval ( with no apparent approval vote from the BOR), then Batille says there will be no dirt moved until the alums do their share. Then, as I check my mailbox daily there is no fund raising brochure about the stadium coming from the athletic department. Only at North Texas.

UNTflyer · November 24, 2008

OK, let me see if I get this right....the BOR sends the student vote directly to the legislature for their approval ( with no apparent approval vote from the BOR), then Batille says there will be no dirt moved until the alums do their share. Then, as I check my mailbox daily there is no fund raising brochure about the stadium coming from the athletic department. Only at North Texas.

Again, I don't know why this myth is still out there. Anyone who says we have to raise $30 million+ before we even break ground is just plain wrong.

DeepGreen · November 24, 2008

Then, as I check my mailbox daily there is no fund raising brochure about the stadium coming from the athletic department. Only at North Texas.

Been waiting for an official new stadium campaign fund packet for 10 years and still nothing. Do we not have enought money for printing or stamps?

filmerj · November 24, 2008

I wonder if this will hurt the chances of it passing the XGR.

GreenAlums · November 24, 2008

I wonder if this will hurt the chances of it passing the XGR.

Let's hope this is what the vote will mitigate, universities just passing increased fees without real student awareness. However, this is Texas and we are not UT or AtM. We should not rest until all poltical bases are covered. I still feel there is a political base to cover out there, and have no idea when it will appear.

trud1966 · November 24, 2008

Again, I don't know why this myth is still out there. Anyone who says we have to raise $30 million+ before we even break ground is just plain wrong.

This is the way I remember it, and I apologize in advance if I'm wrong. I think some stuff is getting lost in translation. But maybe someone that's better at research than I am can find this.

What I remember was WAY back in the day, WAY back WAY before even the student vote, there was an interview with GB and she was quoted saying something to the tune of (and I'm paraphrasing of course)- "The stadium will cost about 60 mil. We wont begin until at LEAST 30 mil is committed". Now since this was BEFORE the student vote, what I took from that means, 30 mil, no matter WHERE it comes from. We NOW have the student committment = 30 million = it's ok to start.

Edited November 24, 2008 by trud1966

cameron · November 24, 2008

The Chancellor needs to get busy!

Should have most of the money in hand before construction starts...

elsewhere:

http://www.lubbockonline.com/stories/11200...357959716.shtml

Stan R · November 24, 2008

great to hear. i think. :unsure:

3XNTGRAD · November 24, 2008

Been waiting for an official new stadium campaign fund packet for 10 years and still nothing. Do we not have enought money for printing or stamps?

There was a large, glossy "feel-good" brochures in my faculty mailbox late last week with quotes from students about how the stadium vote was so important and how those students felt good to be a part of helping UNT's legacy. It was sent out from Development, and is probably the start of a longer campaign (this one didn't ask for money -- but it was definitely moving in that direction). I wouldn't be surprised if those started showing up in mailboxes of alumni donors in the near future (that is just conjecture on my part).

Green Dozer · November 24, 2008

This is the way I remember it, and I apologize in advance if I'm wrong. I think some stuff is getting lost in translation. But maybe someone that's better at research than I am can find this.
What I remember was WAY back in the day, WAY back WAY before even the student vote, there was an interview with GB and she was quoted saying something to the tune of (and I'm paraphrasing of course)- "The stadium will cost about 60 mil. We wont begin until at LEAST 30 mil is committed". Now since this was BEFORE the student vote, what I took from that means, 30 mil, no matter WHERE it comes from. We NOW have the student committment = 30 million = it's ok to start.

I think they will want the committment on the 30 mil besides the students part. But committment and putting it in the bank is what is lost here. I have put up a post asking Flyer to clarify.

UNTFan23 · November 25, 2008

I think they will want the committment on the 30 mil besides the students part. But committment and putting it in the bank is what is lost here. I have put up a post asking Flyer to clarify.

1) who's "they"?

2) If "they" want 30 million "committed" then the stadium would be, when dirt turns, 100% funded (assuming the price of 60 million remains static).

Bryan316 · November 25, 2008

Turns out that the BOR does not have to approve the athletic fee. It is going straight to the state legislature in January through the UNT Legislative Affairs office.

Are said Legislative sessions open to the public, and is there a way to see what's on tap for each day? I'd love to be either late to work or leave early to watch the boring 30 seconds of this passing.

Green Dozer · November 25, 2008

1) who's "they"?
2) If "they" want 30 million "committed" then the stadium would be, when dirt turns, 100% funded (assuming the price of 60 million remains static).

THE BOARD OF REGENTS = THEY OR THEY = BOARD OR REGENTS

just like in algebra. Please excuse my dear aunt salley.

UNTFan23 · November 25, 2008

THE BOARD OF REGENTS = THEY OR THEY = BOARD OR REGENTS
just like in algebra. Please excuse my dear aunt salley.

My next question when and where did the Board say they want 30 million committed before the stadium is built? Hearsay isn't good enough either.

FirefightnRick · November 25, 2008

My next question when and where did the Board say they want 30 million committed before the stadium is built? Hearsay isn't good enough either.

Sean, is there a brick wall anywhere nearby? You know? I'm just trying to help save you some typing, that's all.

Rick

Green to the Bone · November 25, 2008

Are said Legislative sessions open to the public, and is there a way to see what's on tap for each day? I'd love to be either late to work or leave early to watch the boring 30 seconds of this passing.

Texas Legislature

Updated daily. Has a text search, so just search "University of North Texas" or anything else.

It's all open to the public. Most committee meetings and floor sessions are webcast in real time; past sessions are available in archives.

Green Dozer · November 25, 2008

My next question when and where did the Board say they want 30 million committed before the stadium is built? Hearsay isn't good enough either.

From Flyer, in another post (and his info is not hearsay):

"Good stuff.

To answer the question, Dozer... and this is how I understand the process to be so don't spread it as gospel...

Since we now have a guaranteed source of revenue with the athletic fee, we have the money needed for the BOR and Dr. B to approve construction of the stadium.

What I do worry about is how the project will be FINANCED. Someone has to pay the almost $70 million to the contractors for the actual construction, and that means a bank needs to provide a loan."

As it stands now, the student fee kicks in after the stadium. What is in question is the other 1/2 (above and beyond what the student fee provides, as it does not guarantee the full $60 million) and where it is coming from. Does not make any difference how, but some resource is going to needed, available, and guaranteed to get the construction started. Hope that clears it up, don't want Rick to haul you in an ambulance after you hit a brick wall (LOL).

Edited November 25, 2008 by Green Dozer

Green Dozer · November 25, 2008

Sean, is there a brick wall anywhere nearby? You know? I'm just trying to help save you some typing, that's all.
Rick

Rick,

Don't some fire plugs need painting? Check you pm

UNTFan23 · November 26, 2008

From Flyer, in another post (and his info is not hearsay):
"Good stuff.
To answer the question, Dozer... and this is how I understand the process to be so don't spread it as gospel...
Since we now have a guaranteed source of revenue with the athletic fee, we have the money needed for the BOR and Dr. B to approve construction of the stadium.
What I do worry about is how the project will be FINANCED. Someone has to pay the almost $70 million to the contractors for the actual construction, and that means a bank needs to provide a loan."
As it stands now, the student fee kicks in after the stadium. What is in question is the other 1/2 (above and beyond what the student fee provides, as it does not guarantee the full $60 million) and where it is coming from. Does not make any difference how, but some resource is going to needed, available, and guaranteed to get the construction started. Hope that clears it up, don't want Rick to haul you in an ambulance after you hit a brick wall (LOL).

NT has a line of credit to tap. I think it is up now up to almost 100 million (it was recently increased). That is what would be used to pay for the vast majority of the cost for the stadium. Flyer is correct that it is concerning that with the state of the economy, there might not be a bank willing to give up the scratch to fund the stadium. Banks are closely monitoring their capitalization ratios, and giving out 50 to 60 million might make a potential lender a little nervous.

UNTflyer · November 26, 2008

Can you tap that line of credit for the stadium? Would have to make stadium multi purpose, some classrooms or something. Otherwise, those funds could not be used for the stadium I didn't think because there has to be private funding or the revenues have to be used.

No, the only stipulations when it comes to stadium funding is that you can't use state funds and you can't use tuition.

Green Dozer · November 26, 2008

NT has a line of credit to tap. I think it is up now up to almost 100 million (it was recently increased). That is what would be used to pay for the vast majority of the cost for the stadium. Flyer is correct that it is concerning that with the state of the economy, there might not be a bank willing to give up the scratch to fund the stadium. Banks are closely monitoring their capitalization ratios, and giving out 50 to 60 million might make a potential lender a little nervous.

OK, and not being a smart ass, but a credit line has to be paid back. A credit line just means you have received permission in advance to borrow money. Don't think you are saying anything different, but there has to be a plan for any money borrowed to be paid back (bonds, credit line, bank loan, sponsors,etc.) above/beyond the student fee, and that is going to be a big obstacle when we get to that point. Banks don't loan on potential anymore, that is why we are in the economic mess we are in.

Edited November 26, 2008 by Green Dozer

UNTflyer · November 26, 2008

We already have a line of credit of $100 million. Unless something changes to reduce that, I really don't see a problem here. It's not like the school is going to a bank to ask for a loan... the line of credit is already there.

As for how it will be paid back, the student fee guarantees that the loan can be serviced. We can make the payments on the note. The part where it gets a little tricky is that the fee cannot be used to pay back more than 50% of the note. Assuming it is bonded out at 30 years, we can make payments, theoretically, for 15 years before we need to scramble for other sources.

Now of course, we don't want to use the student fee to pay the note for 15 years. We want corporate sponsors, donors, and increased ticket revenue. But when it comes down to it, I really see no financial issues standing in the way of breaking ground this spring/summer.

Edited November 26, 2008 by UNTflyer