FAU's proposed football stadium is scheduled to open in 2011.
Up for the vote
After numerous delays, FAU’s Board of Trustees will be asked to approve the financing plan for a new on-campus football stadium on Wednesday.
Originally published on
7/20/2010
by
Marcus Nelson
Florida Atlantic’s Board of Trustees will be asked to approve the proposed football stadium on Wednesday with the hope it can be finished in time for the Owls to play on campus in 2011.
Trustees will be asked to allow FAU to borrow up to $44 million to finance construction of the 30,000-seat stadium.
If the bank FAU slected, Regions Bank, agrees to the proposal, the Florida Board of Governors could grant final approval of the project during its next scheduled meeting on Sept. 16.
“It’s another of those benchmarks we have to hit,” FAU Athletic Director Craig Angelos said. “It’s a big deal because we are moving forward. Hopefully, we are getting closer to a final solution on this.”
Construction on the stadium could begin almost immediately after final approval from the Governors.
Total cost of the stadium is estimated at around $70 million.
Regions Bank could approve their end of the deal soon after the trustees’ vote.
“They are well aware of what we are presenting to the BOT and they are ready to be our partner,” said Senior Vice President for Strategic Relations and General Counsel David Kian, the head of the stadium project for FAU.
If FAU receives approval from the Board of Governors, FAU and Regions will close the deal no later than October 1 with construction to begin immediately after closing.
Kian said construction could be completed quickly because so much of the infrastructure is being shared with Innovation Village projects, such as the new student housing component, which is already under construction.
“A lot of the work we are doing now because it is shared infrastructure,” Kian said. “A lot of things that would be used to get the site ready are already being done. That could make what would normally be an 18-month project done in 12 months.”
FAU has been playing its games in Lockhart Stadium in Fort Lauderdale since 2003, but since the program’s inception in 1998 has been wanting an on-campus stadium.
And on Wednesday, the Owls may come a step closer to making that a reality.
“Our board has been very supportive of the project and I expect that will continue” Kian said. “I am hopeful that support will continue. I’m cautiously optimistic we are going to have a very good meeting tomorrow. ”