Important OCS Update

[Brad]

Worth a read:  "Whatever conservatism was baked into the original assumptions has been eliminated..."

 

Update

 

[Jim Johnson]

10 minutes ago, TallyBull said:

The docs on the BOG website say construction would start in October 2023. But I wouldn't get too excited - things probably won't start going vertical until next year.

Remember... the fields where the stadium will sit will be used for intramurals in the fall and spring.  So construction "starting" could include the construction on the West side of campus where the fields will be re-located.

[79 Bull]

9 minutes ago, Brad said:

Worth a read:  "Whatever conservatism was baked into the original assumptions has been eliminated..."

OUCH... I'm reading this as a negative.  A few on the BOG could vote no due to fiduciary responsibility so we'll see.  Also, changing my answer in 5 Question Friday from a Yes to Dunno probably 50/50.

[Cat941]

11 minutes ago, Brad said:

Worth a read:  "Whatever conservatism was baked into the original assumptions has been eliminated..."

 

Update

 

Is this a negative or positive in the eyes of the approving party?  Our numbers of revenue are possibly higher but the loan interest rate is also higher.  It is nerve-wracking.  

[TallyBull]

2 minutes ago, 79 Bull said:

OUCH... I'm reading this as a negative.  A few on the BOG could vote no due to fiduciary responsibility so we'll see.  Also, changing my answer in 5 Question Friday from a Yes to Dunno probably 50/50.

I promise you, things don't bubble up this far (including announcement of a major donation yesterday) without knowing precisely how people are going to vote at the BOG meeting. This really is just a formality. 

EDIT: Btw, this doesn't mean there will be no "no" votes. It just means that there will be fewer than the "yes" votes. 

Edited September 8, 2023 by TallyBull

[Jim Johnson]

Just now, Cat941 said:

Is this a negative or positive in the eyes of the approving party?  Our numbers of revenue are possibly higher but the loan interest rate is also higher.  It is nerve-wracking.  

Neither. It's just a caution, USF knew all of this even when interest rates were more favorable.

Plus, because it's a loan, USF can easily refinance in a couple of years (perhaps even before it opens) when interest rates go back down.

 

[Cat941]

Just now, Jim Johnson said:

Neither. It's just a caution, USF knew all of this even when interest rates were more favorable.

Plus, because it's a loan, USF can easily refinance in a couple of years (perhaps even before it opens) when interest rates go back down.

 

Greatest factor should be that USF is taking on the risk. 

[79 Bull]

3 minutes ago, TallyBull said:

I promise you, things don't bubble up this far (including announcement of a major donation yesterday) without knowing precisely how people are going to vote at the BOG meeting. This really is just a formality.  EDIT: Btw, this doesn't mean there will be no "no" votes. It just means that there will be fewer than the "yes" votes. 

2 minutes ago, Jim Johnson said:

Neither. It's just a caution, USF knew all of this even when interest rates were more favorable. Plus, because it's a loan, USF can easily refinance in a couple of years (perhaps even before it opens) when interest rates go back down.

Thanks, you finance guys always calm me down.  GO BULLS!

[BullyPulpit]

Here is a breakdown of the plans for seating and premium spaces at the new stadium:

• 35,000 seat capacity • 10,000 Scholarship seats • 1,900 (approximately) Club, Ledge, Loge and Luxury seats • 40 Loge boxes • 24 Luxury suites • Field Level Club seating with capacity for 800 memberships • Patio Club 

Also, the information indicates that USF has been averaging 20,000 fans in attendance of late. The study indicates an expected 17% increase in attendance based upon the new stadium, meaning that, on average, we should expect to see 24k in attendance. 

The construction contract includes $2 million in liquidated damages for any home games missed in the 2026 season.

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.flbog.edu/wp-content/uploads/2023/08/FAC-2.2-Project-Summary.pdf

 

[Bull Matrix]

8 minutes ago, BullyPulpit said:

Here is a breakdown of the plans for seating and premium spaces at the new stadium:

• 35,000 seat capacity • 10,000 Scholarship seats • 1,900 (approximately) Club, Ledge, Loge and Luxury seats • 40 Loge boxes • 24 Luxury suites • Field Level Club seating with capacity for 800 memberships • Patio Club 

Also, the information indicates that USF has been averaging 20,000 fans in attendance of late. The study indicates an expected 17% increase in attendance based upon the new stadium, meaning that, on average, we should expect to see 24k in attendance. 

The construction contract includes $2 million in liquidated damages for any home games missed in the 2026 season.

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.flbog.edu/wp-content/uploads/2023/08/FAC-2.2-Project-Summary.pdf

 

Great info!! Thanks