CSU OKs on-campus stadium; financing plan to come
DENVER –The Colorado State University Board of Governors gave formal approval late Friday to CSU President Tony Frank’s controversial plan for an on-campus football stadium.
The resolution instructed Frank to present a financing plan for the project. After a two-year drive to fund the stadium through private donations fell far short of its goal, Frank had presented to the board in October two options to finance the facility: either a scaled-down version that would be added to as funds were available, or a public-private partnership to build the original 40,000-seat facility.
The vote to approve the on-campus stadium was 8-0, with board treasurer Joseph C. Zimlich, the only member who lives in Fort Collins, abstaining.
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One financing plan Frank has proposed is to borrow nearly $200 million through sale of revenue bonds and use stadium revenues to cover the bond payments.
Construction could begin as early as next October on a stadium that could be open as soon as the Rams’ 2017 football season.
Zimlich was the only governor who specifically said he opposed the on-campus stadium. Without a firm financial plan in place, Zimlich said, the risk to student tuition and services was too great for him to support the project.
The other governors, however, repeatedly expressed faith in Frank to responsibly conduct the financing. Demetri E. “Rico” Munn bluntly rejected calls for the appointment of an independent consultant, one not tied to the development and construction interests, to review the project because that would constitute a challenge to Frank’s leadership. Although the views of Fort Collins residents should be considered, he said, “This is a state institution.”
Board vice chairman William E. Mosher, although stating that “this is not about football for me,” then noted that “I would not be where I am without college athletics” and hailed intercollegiate football as a revenue generator for the school’s academic programs.
The vote came after the governors heard of student and faculty surveys, both of which indicated majority opposition to the on-campus stadium, and testimony against the project from CSU economics professor Alexandra Bernasek.
The meeting was held at the school’s Denver facility during afternoon working hours, and speakers during the public comment period were nearly split between on-campus stadium supporters and opponents. During the previous meeting in October, held on a Thursday evening at the Lory Student Center on the CSU campus in Fort Collins, opponents in the public-comment period outnumbered supporters 19-5.
Friday’s public comment period included a statement by Fort Collins Area Chamber of Commerce President David May, who hailed CSU’s positive impact on the local economy and said it would be further boosted by construction and operation of the on-campus stadium.
DENVER –The Colorado State University Board of Governors gave formal approval late Friday to CSU President Tony Frank’s controversial plan for an on-campus football stadium.
The resolution instructed Frank to present a financing plan for the project. After a two-year drive to fund the stadium through private donations fell far short of its goal, Frank had presented to the board in October two options to finance the facility: either a scaled-down version that would be added to as funds were available, or a public-private partnership to build the original 40,000-seat facility.
The vote to approve the on-campus stadium was 8-0, with board…
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