Colorado State board approves plans for on-campus stadium
FORT COLLINS, Colo. — An on-campus stadium at Colorado State University will soon become a reality.
The CSU Board of Governors gave approval to the stadium on Friday afternoon in a unanimous 8-0 vote, after a heated 90-minute debate and nearly two hours of public comment.
The budget still needs to be determined– but the project will cost somewhere around $200 million dollars, with the board opting for the more expensive of the two plans.
CSU President Tony Frank said the approved plan calls for borrowing $195 million through the sale of revenue bonds, and using stadium revenues to cover the bond payments, which are estimated at $12.1 million a year.
Frank also said the school has already received about $50 million in donations toward the new stadium.
“As you know, public discussion about the possibility of a stadium on campus has been lively and, at times, emotional,” Frank wrote in a press release about the board’s decision to green-light the stadium. “This decision has been made through a measured and deliberate process, with the involvement and input of campus, community, and alumni. We’re proud to say the project that was approved today is far better because of it.”
Construction on the new stadium could begin as early as fall of 2015, and Frank said he hopes the stadium will be complete in 2017.AlertMe