The Oracle: Improvements taking shape

[Mama_Bull]

Related article from Tampa Bay Business Journal:

Friday, October 23, 2009

USF plans $30M sports complexTampa Bay Business Journal - by Jane Meinhardt Staff Writer

TAMPA — It’s kickoff for a new University of South Florida athletics complex expected to generate more than $37 million in revenue in its first year. The university estimates revenue from the new and renovated intercollegiate and recreational athletic facilities on its Tampa campus will increase at least 4 percent each year.

USF is now reviewing these numbers while taking the first steps to approve financing and evaluate design-build teams.

“This is a needed investment,†said Fell Stubbs, USF treasurer and executive director of USF Financing Corp. “It’s very important because it promotes student athlete success.â€

To boost its chances, the project has a lender pledging support. BB&T has committed a $30 million loan — the full amount of the estimated project cost — with a fixed rate for as long as 20 years, Stubbs said.

“We have support from a new financial partner and support from the community with opening contributions,†he said. “We expect community commitments will grow substantially before the project is completed. Community support will drive this project.â€

The university requested proposals from five lenders to obtain a commitment for a long-term loan of $24.5 million after determining it would be cheaper and more flexible than issuing traditional bonds.

Gift agreements of nearly $6.5 million already have been closed. Future private and corporate gifts are expected to reduce the bank debt, and naming rights are possible.

Trustees to consider complex in December

Construction is expected to begin after USF Financing Corp. agrees to incur debt. Its board will consider an authorization resolution Nov. 3; the full USF board of trustees will consider it Dec. 3 and then the Florida Board of Governors will be asked to approve the financing Dec. 10.

The athletics complex project will include a basketball practice facility with two gymnasia and team support facilities and improvements to the existing baseball stadium that will include a natural grass sports field, bullpens, dugouts and a 1,500-seat grandstand with an elevated deck.

A new softball stadium will feature a lighted grass field, dugouts, bullpens and a 700-seat spectator grandstand with a hospitality deck and service amenities.

The new football practice field complex will include a lighted synthetic turf field, two lighted grass sports fields and a service building, all enclosed with security fencing.

Existing recreational fields will be relocated and improved.

Construction is slated for completion in fiscal year 2010-11. The project will be constructed in phases. The university is in design-build negotiations with R.R. Simmons Construction Corp., a Tampa firm that built USF’s athletic training center.

Revenue to MEET debt obligation

Revenue for debt service will come from student athletic fees, ticket sales, NCAA/Big East Conference distributions, corporate sponsorships, event and non-event revenue, game guarantees and bowl game revenues. The number of USF Bulls home football games influences revenue.

“We have at least six home games, and those each tend to generate over $1 million in gross revenue,†Stubbs said. “Of course, this new complex also addresses non-football athletic programs and brings them up to a more appropriate college venue.â€

For USF trustee Lee Arnold, who attended the university in the early 1970s when there were open fields with lots of sandspurs and no football team, the new sports complex is a vital part of a growing tier one university.

“Collegiate athletic programs provide name recognition, bring top tier students and drive grants,†he said. “Sports give a university a certain notoriety, but USF is first a top notch research institute, a

$1.76 billion education organization, that has a very good football team.â€

A successful commercial Realtor, entrepreneur and a member of the university workgroup that makes financial recommendations to the board of trustees, Arnold said the revenue generated by the university’s association with the Big East competition spills over to providing facilities for all USF athletes and other students.

“The university is a huge ecosystem,†he said. “We have, because of the athletic department, the ability to generate millions in revenue that allows us to do things for all student athletes and recruit more.â€

jmeinhardt@bizjournals.com | 727.224.2299

http://tampabay.bizjournals.com/tampabay/stories/2009/10/26/story2.html?b=1256529600%5E2318991

[Oldsmobull]

"Service building" mentioned in football renovations is a broad term.  Is this just a storage/maintenance type building, or could USF still slip in an indoor football practice building and dining hall for athletes?

[ncentonze]

OCS...what?

[Ryenoe]

"Service building" mentioned in football renovations is a broad term.  Is this just a storage/maintenance type building, or could USF still slip in an indoor football practice building and dining hall for athletes?

the "team support facilities" will probably include the dining hall...CJL has been beating that drum for a while and I think he'll get it.  But I don't think they'd put all that money into an outdoor practice field AND build and indoor one as well.