8yearhawk Sophomore
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Posted: Today 12:02 PM
Re: Memorial Stadium Renovation (1 vote)
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thePrideofWildcatLand wrote:
Thejayhawk78 wrote: Everyone would like a new stadium. How do you pay for it? That's the question and other than some simplistic comments about wealthy alums no one provides a realistic plan.
you are not getting a new stadium........FYI ku is telling the Regents and the Regents planning and facilities office
that it will be FY 2017 before work begins on Memorial Stadium...also, you don't have the funding, yet.
It's available on KBOR Capital Budget Plan DA 418A . . . Memorial Stadium
Improvements Phase One- currently slated for FY 2017 ($5,000,000) FY 2018
(25,000,000) FY 2019 (20,000,000)
Total Estimated Cost: $50 million. Funding
Source: TBD
sad, really .....
No it isn't. Sad really. You can doa search for "418A" and scroll through until you see the one for University of Kansas if anyone actually cares.
http://www.kansasregents.org/resources/PDF/2524-FY 2015CapitalImprovements.pdf
All this really means is we have donors to pay for a lot of our stuff and don't have to suck on the Regents' tit for everything
.
I do enjoy posts like this, but first off, a hearty LOL at Dr. J. thinking I post over there.
But once again, it shows that your typical phogtuck doesn't understand how it all works. The State of Kansas (KBOR) hasn't funded an athletics facilities project at K-State since Ahearn Fieldhouse was built 60 years ago. When athletic departments at KBOR issue bonds the Regents merely approve the process and it's worked through the Kansas Development Finance Authority, the bonds are rated by the usual ratings agencies and the entity getting the bond funding is on the hook to pay them back (likely with the KBOR or the State coming into play in case of default). In the case of the WSC, K-State floated about $51 million in bonds but the total price tag was nearly $87 million, so K-State athletics had to pay over $30 million straight out. The Regents and KDAF aren't going to approve the bond issuance without a concise plan of re-payment, and they also require millions to be held in bond reserve funds by K-State athletics.
ku athletics to my knowledge hasn't privately funded any major project straight out, with possibly the exception of the Booth HOA. But even that's debatable because Lew floated millions in bonds to pay for the Anderson Football Center and AFH renovations. Lew also took a $5 or $6 million dollar no interest LOAN to help pay for the AFC, and Rock Chalk Park was entirely financed through a 3rd party with KU athletics on the hook in a lease for 50 years.
I suspect as of right now Cheyenne Zulu has Memorial Improvement so far out because he wants to pay down more of their bond debt so he can get bond funding to start construction with major gifts stockpiled to help pay it back.