UA Seeking Approval For $160 Million Stadium Upgrade
by January 25, 2016 3:50 pm 121 views
The University of Arkansas athletics department will seek approval from the UA Board of Trustees this week to move forward with the full design and cost estimate for a renovation to Donald W. Reynolds Razorback Stadium.
The scope of the project, according to an athletics department news release, will include an addition in the north end zone of the stadium, updates to existing areas, and a new Broyles Athletic Center.
Approval will also be requested for the department to begin accepting commitments for capital contributions and gifts for the new suites, loge boxes and club seats that would be part of the project. If approved, the department will bring the project back to the Board of Trustees a final time with an update on commitments made for capital contributions and ticket sales, along with an intent resolution for the bonding requirements for completing the project.
A preliminary cost estimate for the project is $160 million, to be funded entirely by athletics revenues, capital gifts and bond proceeds from a future bond issue. Season ticket and single-game ticket price adjustments will also be implemented. Bonds will be amortized using athletic revenues generated from the stadium.
No university funds will be required to complete this project.