CSU President Approves New Stadium…IF Half the Cost is Raised Privately First
The idea of a new stadium being built on the Colorado State University campus has been a very controversial topic this year, with many voices speaking out, both in support and opposition. Now it looks like CSU President Tony Frank has finally come to a decision; but this decision comes with one multi-million-dollar string attached.
The Coloradoan reports that President Frank intends to give a new stadium the green light, on one condition: Half of the projected $246 million cost of the stadium must be raised through private fundraising efforts before he will even consider sending a proposal to the Board of Governors.
In other words, at least $125 million needs to come from someplace other than state funds, tax dollars, and state tuition & fees.
Frank said in a letter that he sees the long-term potential benefits to the University that a new on-campus stadium could bring; but he said he knows the road to get to such a point is hard, and the situation needs to be constantly assessed as things move forward. You can read president Frank's entire letter here.
The new stadium is expected to bring in between $6.35 and $18.31 million in its first year of operations, according to projections by university-hired Conventions, Sports and Leisure International. The consulting firm has said the financial projections are “achievable” while many say projections are “optimistic” and exaggerated.
[via The Coloradoan.]
Are you glad president Frank added this condition to the stadium project? Leave a comment below.