There will not be a vote on the the financing of FAU's football stadium on Wednesday.
More time needed
Monday Morning Quarterback: More details need to be worked out for the financial package for FAU’s on-campus football stadium, but AD Craig Angelos says it’s still possible it will open in time for the 2011 season. (Updated 4:07 p.m.)
Originally published on
5/24/2010
by
Marcus Nelson
BOCA RATON - FAU will delay voting on the financial package for its proposed on-campus football stadium, but officials are still optimistic the project will be approved eventually and construction will start in time for the facility to open in September 2011.
On Wednesday the stadium committee, headed by David Kian, had hoped to ask the FAU Board of Trustees to approve a financing package proposed by Regions Bank that would allow the university to seek final approval for the $74 million project from the Florida Board of Governors in June.
Instead the trustees will only receive an update on the project.
The delay comes after Florida's Division of Bond Finance held a workshop to detail amendments to what it wants to see in bond agreements.
FAU Vice President and General Counsel David Kian said FAU will need more time to go over the changes.
"It would be abosoutley crazy to go forward without knowing what the rules of the game are going to be," Kian said.
FAU Athletic Director Craig Angelos said it was prudent not to have the board vote on Wednesday.
“There was some good give and take, but between not having a final solution with the Division of Bond Financing and not having anything finalized with the banks yet, it was decided we need to bring those two together before we move forward,” Angelos said.
The next regularly scheduled Board of Trustees meeting is June 23.
The Governors meet June 16-18, but don’t have their next meeting until Sept. 15-16.
Angleos said he met with stadium construction managers last week who assured him the stadium could still open by 2011 provided they could begin in September.
“It’s not good news but it’s not bad news because we’re continuing full speed ahead,” Angelos said. “We've just had to extend some of the deadlines.”
This is the second time a vote on the finacial package has been postponed.
Angelos said he is still confident the project will be completed.
“I hope people will be patient while we work through this complicated deal, but it will happen,” Angelos said.