Author Topic: KU's new basketball dormitory facility  (Read 51159 times)

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Offline OregonSmock

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Re: KU's new basketball dormitory facility
« Reply #100 on: February 15, 2014, 11:43:25 AM »
If they can't get the money to build an apartment building, how are they gonna get the money to remove their football track?  Serious question.

Magic?

Yep, magic


Dax... you know how these things work.  The state issues bonds, which allows KU to begin construction asap.  KU then pays the bonds off through private donations over the course of maybe 10-15 years.  If I'm not mistaken, this is exactly how K-State did the WSC expansion. 

Offline sonofdaxjones

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Re: KU's new basketball dormitory facility
« Reply #101 on: February 15, 2014, 11:57:43 AM »
Thanks. Didn't mean to GPC the place up.
I think the robot parking garage is what did it in. If I was a legislator, I'd see
600 rooms, about half of which would be paid for by athletic scholarships -OK
11,000 sq ft of retail space, brings in some rent money -OK
Giant claw machine parks residents' cars for them -LOL NO


You're thinking of the apartments by the football stadium.  That's a separate project from the $17 million, 66-person apartments they're trying to build by AFH.

Beems do you like this project?  Would you want private donors to put the money towards a different Athletics Department type project?  I understand if it is a recruiting tool....but you obviously already recruit great (top 5) players without it.  I want your perspective because I feel like you are a guy that would say it's unnecessary if it really is unnecessary.  I also know you are not a KU BB only type of fan and care about KU Athletics as a whole.   


I support any facility project that helps give KU a competitive advantage.  That being said, my first thought when I heard about the project was "this is a slap in the face to the football program."  The football stadium is in desperate need of an upgrade, and here we are building a $17 million luxury apartment complex for our basketball program.  It is what it is, I guess.

You're pretty smart Beems.   How would you like to be a D1 athlete at a major conference school, particularly a football player, and see the men's basketball team get a luxury dorm and have their own chef, while you slog it out in a regular dorm or apartment and have to trudge your way over to the training table in the snow on an 8 degree night?   If ku or any other school is going to do this, they need to use the OU model, and not the Kentucky model.    While Kentucky Basketball makes a lot of money and may drive donations to the general athletic fund at Kentucky.  Kentucky Football still makes more money (by sport) and they suck (Louisville hoops makes more money than Kentucky and ku hoops combined).   

I am no construction expert, but I know $17 million gets the track torn out at ku's football stadium, with money left over to go towards altering the stands. 

Hey, now that I think about it, let's support Self/Zulu Kentucky envy and support the legislative movement to block the issuance of bonds.   Then Self will threaten to leave and Zulu will have to hit up boosters to give money to the education side (because it can't go to athletics for a dorm) to build this dorm, likely to the detriment of football.

I support a Privately Funded ku Basketball Dorm!!

Offline sonofdaxjones

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Re: KU's new basketball dormitory facility
« Reply #102 on: February 15, 2014, 12:02:06 PM »
If they can't get the money to build an apartment building, how are they gonna get the money to remove their football track?  Serious question.

Magic?

Yep, magic


Dax... you know how these things work.  The state issues bonds, which allows KU to begin construction asap.  KU then pays the bonds off through private donations over the course of maybe 10-15 years.  If I'm not mistaken, this is exactly how K-State did the WSC expansion.

The difference is, the WSC supports all of athletics with the training table and media production center, as well as a facility that's available to anyone who can pay the rental costs for social gatherings and meetings.   In addition the bonds were issued to K-State Athletics Inc. 

ku athletics cannot take on the bond debt for an athletic dorm because that's an athletic department directly financing an athletic dorm against NCAA rules.   The bond debt will likely have to be taken on by ku housing or another entity at ku, with Zulu spearheading along with regular ku development officers the fund raising that's technically donated to a none athletic fund (managed by the ku endowment fund).   I could be wrong . . . but I doubt it.


Offline POWL

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Re: KU's new basketball dormitory facility
« Reply #103 on: February 15, 2014, 12:05:26 PM »
I could be wrong . . . but I doubt it.
Beems 2015 - "Honestly, I'd be surprised if this message board survived another five years."

Offline sonofdaxjones

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Re: KU's new basketball dormitory facility
« Reply #104 on: February 15, 2014, 12:08:52 PM »
I could be wrong . . . but I doubt it.

Isn't that the name of a song?

Offline Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!)

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Re: KU's new basketball dormitory facility
« Reply #105 on: February 15, 2014, 12:39:55 PM »
If they can't get the money to build an apartment building, how are they gonna get the money to remove their football track?  Serious question.

Magic?

Yep, magic


Dax... you know how these things work.  The state issues bonds, which allows KU to begin construction asap.  KU then pays the bonds off through private donations over the course of maybe 10-15 years.  If I'm not mistaken, this is exactly how K-State did the WSC expansion.

FYI, this is NOT how it works and that is NOT how the WSC was done.



goEMAW Karmic BBS Shepherd

Offline POWL

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Re: KU's new basketball dormitory facility
« Reply #106 on: February 15, 2014, 12:42:05 PM »
Beems 2015 - "Honestly, I'd be surprised if this message board survived another five years."

Offline OregonSmock

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Re: KU's new basketball dormitory facility
« Reply #107 on: February 15, 2014, 12:53:19 PM »
This project will get done one way or another.  I wouldn't get your hopes up, 'taters.

Offline sonofdaxjones

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Re: KU's new basketball dormitory facility
« Reply #108 on: February 15, 2014, 12:56:35 PM »
This project will get done one way or another.  I wouldn't get your hopes up, 'taters.

Every one here knows that, we're just having some fun with the phogtucks who don't understand or get why there would be any push back to the education side of the house at ku taking on debt for a few basketball players.    This isn't hard.

But hey, a dorm for basketball players is the same as a hospital wing.




Offline Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!)

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Re: KU's new basketball dormitory facility
« Reply #109 on: February 15, 2014, 12:59:39 PM »
Boots shakin'   :ohno:





 :love: :love:





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Offline CyberToothCat

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Re: KU's new basketball dormitory facility
« Reply #110 on: February 15, 2014, 01:02:08 PM »
If they can't get the money to build an apartment building, how are they gonna get the money to remove their football track?  Serious question.

Magic?

Yep, magic


Dax... you know how these things work.  The state issues bonds, which allows KU to begin construction asap.  KU then pays the bonds off through private donations over the course of maybe 10-15 years.  If I'm not mistaken, this is exactly how K-State did the WSC expansion.

FYI, this is NOT how it works and that is NOT how the WSC was done.

Actually, I think Smock is right. K-State issued debt for both the BTF & WSC. Total debt outstanding at 6/30/13 was $83 million. Those bonds will be paid off over a 20-year period ending in about 2032. Total debt service payments due before 6/30/14 is about $5.5 million, and will increase to $6.3 million every year thereafter.

Offline Bqqkie Pimp

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Re: KU's new basketball dormitory facility
« Reply #111 on: February 15, 2014, 01:05:24 PM »
This project will get done one way or another.  I wouldn't get your hopes up, 'taters.

Every one here knows that, we're just having some fun with the phogtucks who don't understand or get why there would be any push back to the education side of the house at ku taking on debt for a few basketball players.    This isn't hard.

But hey, a dorm for basketball players is the same as a hospital wing.

The hilarity that is a result of ku stupidity is a glorious by product of all this...

 :Carl:
bears are fast...

Offline sonofdaxjones

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Re: KU's new basketball dormitory facility
« Reply #112 on: February 15, 2014, 01:08:01 PM »
If they can't get the money to build an apartment building, how are they gonna get the money to remove their football track?  Serious question.

Magic?

Yep, magic


Dax... you know how these things work.  The state issues bonds, which allows KU to begin construction asap.  KU then pays the bonds off through private donations over the course of maybe 10-15 years.  If I'm not mistaken, this is exactly how K-State did the WSC expansion.

FYI, this is NOT how it works and that is NOT how the WSC was done.

Actually, I think Smock is right. K-State issued debt for both the BTF & WSC. Total debt outstanding at 6/30/13 was $83 million. Those bonds will be paid off over a 20-year period ending in about 2032. Total debt service payments due before 6/30/14 is about $5.5 million, and will increase to $6.3 million every year thereafter.

That's been understood from the very beginning of those projects.  I have never said there were no bonds.   The difference is, with the BTF and WSC, K-State Athletics Inc. is directly on the hook for the bonds for those facilities (and has raised millions in private money to cover the debt or pay for non bonded portions, for example the WSC only has around $53 million in debt issued but cost nearly $86 million dollars, so private money had to make up the difference, there was $20 million contributed towards the BTF/WSC last fiscal year).   

ku athletics cannot take on the debt directly to pay for a dorm, because athletic departments can't build dorms, another entity at ku has to take on the debt. 

Offline Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!)

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Re: KU's new basketball dormitory facility
« Reply #113 on: February 15, 2014, 01:11:04 PM »
K-State CBA, two $10 million lead donations, numerous other $1+ million donations.  Haven't even started asking the general populas for money.

KU recruiting hostel, price tag $17 million, straight to the State begging for public financing.


 :ROFL:

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Offline Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!)

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Re: KU's new basketball dormitory facility
« Reply #114 on: February 15, 2014, 01:19:18 PM »
Kstate raised almost 2/3 of the money up front for the WSC. The balance was financed with IRBs. Revenues from ticket sales and suite leases cash-flow the debt service multiple times over.  The BTR was entirely privately funded (as it should, it generates no revenue).


The revenue Ku can expect from its recruiting hostel wouldnt cover half the debt service of the bonds, which is way the proposal was laughed right out of the room. Promising to privately fund debt service shortfalls is the equivalent of telling your lender I cant afford the payments now, but do not worry I'm  going to make way more money next year.  That's NOT how it works, BMW.


Its not that complicated, yeesh
« Last Edit: February 15, 2014, 05:36:18 PM by Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!) »
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Offline Benja

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Re: KU's new basketball dormitory facility
« Reply #115 on: February 15, 2014, 01:46:05 PM »
I love a good dax financial breakdown

Offline kostakio

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Re: KU's new basketball dormitory facility
« Reply #116 on: February 15, 2014, 02:56:13 PM »
This project will get done one way or another.  I wouldn't get your hopes up, 'taters.

I think most kstate fans are happy that ku is going to keep pouring most of their resources into a secondary sport that they have very little room for improved performance or revenue in.

Offline deputy dawg

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Re: KU's new basketball dormitory facility
« Reply #117 on: February 15, 2014, 05:25:21 PM »
K-State CBA, two $10 million lead donations, numerous other $1+ million donations.  Haven't even started asking the general populas for money.

KU recruiting hostel, price tag $17 million, straight to the State begging for public financing.


 :ROFL:

This was AFTER building the glorified HS track in east Topeka, using a lease arrangement that technically keeps the debt off KU AD books.

Offline Dugout DickStone

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Re: KU's new basketball dormitory facility
« Reply #118 on: February 15, 2014, 09:23:48 PM »
This project will get done one way or another.  I wouldn't get your hopes up, 'taters.

I think most kstate fans are happy that ku is going to keep pouring most of their resources into a secondary sport that they have very little room for improved performance or revenue in.


This is 1000% correct.  Keep chasing the Kentucky Jr. dorm and ignore the gaping wound in the only college sport that matters.  Milk your athletic donors for that weird dorm that will likely be the scene of a lot of trouble.  Kstate will take football, baseball and a decent basketball program and our AD will continue to lap ku.

Offline AbeFroman

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Re: KU's new basketball dormitory facility
« Reply #119 on: February 16, 2014, 09:40:58 AM »
It's going to be pretty funny the next round of conference realignment.

Big 10/Pac 12: So, ku, do you think you have what it takes to join our conference?
ku: Yes, just look at these beautiful apartments we built for our basketball players, we're rolling in money!
Big 10/Pac 12: That's nice, but how is your football program doing
ku: GaryPinkleapartmentfire.gif

Offline Dugout DickStone

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Re: KU's new basketball dormitory facility
« Reply #120 on: February 16, 2014, 11:36:36 AM »
Milking their private money donors for this before fixing football is a massive error.

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Re: KU's new basketball dormitory facility
« Reply #121 on: February 16, 2014, 12:51:44 PM »
Power move by seff to let football know who the boss is

Offline bones129

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Re: KU's new basketball dormitory facility
« Reply #122 on: February 16, 2014, 01:00:21 PM »
This project will get done one way or another.  I wouldn't get your hopes up, 'taters.

Bake sales? Lemonade stands?

Offline KSUBrian

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Re: KU's new basketball dormitory facility
« Reply #123 on: February 17, 2014, 10:52:46 AM »
This project will get done one way or another.  I wouldn't get your hopes up, 'taters.

That is fine as long as it is on the backs of the AD/Donors and not on the University and therefore indirectly, all Kansas taxpayers.  It is bad enough that the university allows the AD to fleece every enrolled student, whether they support sports or not, to the tune of $500-600 per semester. At some point, some sort of fiscal responsibility must be enforced when taxpayer $$ is involved. As Spock would say " the needs of the many outweigh the needs of the the few."

Offline K-S-U-Wildcats!

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Re: KU's new basketball dormitory facility
« Reply #124 on: February 19, 2014, 11:44:52 AM »
http://www.kansascity.com/2014/02/19/4834471/ku-drops-bonding-request-for-athlete.html

Well, that's an idea. Just raise all the money privately and don't ask for a loan from the taxpayers. I think this is only going to further delay the Gridiron Club, tho.
I've said it before and I'll say it again, K-State fans could have beheaded the entire KU team at midcourt, and K-State fans would be celebrating it this morning.  They are the ISIS of Big 12 fanbases.