Sid: Strong indications that Regents will approve $40MM in borrowing for facilities

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BleedGopher

BleedGopher

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per Sid:

• The University of Minnesota Board of Regents will vote on the Gophers athletic department’s facilities funding plan in June, and indications are strong that athletic director Norwood Teague’s plan of borrowing $20 million from outside the university and $20 million from the athletic department against future earnings will get the board’s approval so that construction could begin in the fall.

http://www.startribune.com/hartman-vikings-rely-on-ucla-for-top-linebackers/303191241/

Go Gophers!!
 

Sounds good to me. I really hope though is that as we have success on the field the money will come in.
 



Does anyone have a perspective on this fundraising campaign compared to other athletic related fundraising for Gophers in previous years?

I could be wrong, but this must be the fastest they've been able to raise 70 million dollars. In this regards, you'd have to give Norwood Teague & company credit.

Jerry Kill IMHO will get his wish in August when the ceremonial shovels hit the ground.
This is the best opportunity for the Gophers to seal the deal on a great coach and coaching staff in the history of the program.
 



Are we taking anything Sid says on this subject seriously? May be true, but anything Sid says on this is speculation - we have learned that much at least.


Sent from my iPhone using Tapatalk
 

Great. They've done a great job raising money so far. If they borrow the money.....I have little doubt that they will have no trouble paying it back. Get the shovels in the ground ASAP.
 

Yeah...the last interview from Norwood laid it out pretty well. $70 million raised so far, another $10-20 in the pipeline for donations and borrow $40 in June ($20 from U and $20 from bank). Need 80% of total project cost in hand to break ground, so $150 mil x 80% = $120 Mil. $70 +$40 +$10-20 = $120-$130. Pretty simple math and nothing changed.

Once shovels in ground, small donation fundraising begins with the buy a brick with your name on it stuff and naming rights for smaller rooms, etc. Should raise another $10 mil pretty quickly. Then its just keep it rolling with corporate donors after the boys win the West this year and give tOSU all they can handle in the B1G Championship Game...then on to the Rose Bowl for the first time in my lifetime!

Confident the full $150 will be raised and then the last $40 can be started.
 



GopherinPhilly said:
Yeah...the last interview from Norwood laid it out pretty well. $70 million raised so far, another $10-20 in the pipeline for donations and borrow $40 in June ($20 from U and $20 from bank). Need 80% of total project cost in hand to break ground, so $150 mil x 80% = $120 Mil. $70 +$40 +$10-20 = $120-$130. Pretty simple math and nothing changed.
Click to expand...

Everything's changed AND they will NOT have the $70MM (overstated?) "in hand" for another DECADE.

The plan as initially set forth was ridiculous. It's changed and will continue to change. It has too.
 

Gopher Warrior said:
Everything's changed AND they will NOT have the $70MM (overstated?) "in hand" for another DECADE.

The plan as initially set forth was ridiculous. It's changed and will continue to change. It has too.
Click to expand...

Darn rule breakers! :clap:
 


hungan1 said:
I could be wrong, but this must be the fastest they've been able to raise 70 million dollars. In this regards, you'd have to give Norwood Teague & company credit.
Click to expand...

Whatever amount of money has been raised so far it is a safe bet that Lou Nanne generated at least 90% of it on his own. Minnesotan's don't donate to the U because of anything an out-of-town and short time AD says to them. Norwood's role is limited to organizing the meetings, ordering the food, booze, and tee times, and arranging the transportation for Louie and the potential donors.
 



UpnorthGo4 said:
Whatever amount of money has been raised so far it is a safe bet that Lou Nanne generated at least 90% of it on his own. Minnesotan's don't donate to the U because of anything an out-of-town and short time AD says to them. Norwood's role is limited to organizing the meetings, ordering the food, booze, and tee times, and arranging the transportation for Louie and the potential donors.
Click to expand...

While the competition is considerable...this is in my top 10 of the most idiotic things I have read on this board.
 

I'm still wondering about the math. Iowa built their indoor practice facility, football performance center, and weight room for 55 MM. VCU built a 62,000 sq ft basketball practice facility for 25 MM. The LOL center is rumored to cost between 15-25 MM. Why does our project cost 150 MM? This is a serious question. I realize Mpls likely has higher labor costs, and there is some underground utility work that needs to be done, maybe some soil cleanup. However, the U owns the land, offsetting some of the cost.

There is a trend in NFL stadiums for the design and building costs to escalate to the sky. And nobody really knows why or asks. There are some articles out there exploring the issue that can be googled and the experts essentially say "I dunno".

We laugh at Iowa for overpaying for Ferentz and having golden handcuffs. I hope Norwood has a solid, worst-financial-case scenario to bring to the regents on how they willpay this gold-plated facility off without handicapping our ability to keep all sports programs, pay the coaches, and the athletes.


Time-tested wisdom:

<div itemprop="video" itemscope itemtype="http://schema.org/VideoObject"><iframe src="//player.theplatform.com/p/NnzsPC/widget/select/media/326IBKA9czPP?disableEndCard=true" width="480" height="270" frameBorder="0" seamless="seamless" allowFullScreen></iframe></div>
 

Pompous Elitist said:
I'm still wondering about the math. Iowa built their indoor practice facility, football performance center, and weight room for 55 MM.
Click to expand...

Sounds a bit like apples and oranges. The $55M performance center is one part of the football complex. The other two parts (excluding the stadium) are the football operations building ($7M) and the practice facility ($2M). So, Iowa's football part is $64M. General descriptions is here: http://www.desmoinesregister.com/story/sports/college/iowa/iowa-football/2014/09/02/iowa-hawkeyes-football-rick-brown-hayden-fry-kirk-ferentz-kinnick-stadium-football-operations-building/14994653/
 

GopherinPhilly said:
While the competition is considerable...this is in my top 10 of the most idiotic things I have read on this board.
Click to expand...

You're still mad because I was right the last time you and I go into it. Anyone with a lot of money to donate the U's athletic department are going to want to talk to Louie who was brought in to pull Norwood's ass out of the fire. End of story.
 

UpnorthGo4 said:
You're still mad because I was right the last time you and I go into it. Anyone with a lot of money to donate the U's athletic department are going to want to talk to Louie who was brought in to pull Norwood's ass out of the fire. End of story.
Click to expand...

Than how come nothing was done until norwood got here. Louie was appointed by norwood for this role Louie been here before sid needed a hearing aid. Where were the donors under maturi? Of course people want to talk to Louie why do you think norwood appointed him. Smart people hire other smart people its how **** like this gets done
 

UpnorthGo4 said:
You're still mad because I was right the last time you and I go into it. Anyone with a lot of money to donate the U's athletic department are going to want to talk to Louie who was brought in to pull Norwood's ass out of the fire. End of story.
Click to expand...

I have no recollection of any previous disagreement between us...you obviously need to get a life.

As for Lou saving Teague...smart people hire smart people. So any praise you place on Lou just makes Teague look smarter for hiring the guy. Boom - That's how you end a story.
 

I'm not seeing that the money is split out like that. Maybe I missed it? Even if true, the U is paying a premium over and above. Just because everyone else is jumping off a bridge doesn't mean you need to follow.

We should all be keeping a close eye on this as the 4 stars should be rolling in any time:

https://rivals.yahoo.com/iowa/football/recruiting/commitments/2016/iowa-28
 


Pompous Elitist said:
Time-tested wisdom:

<div itemprop="video" itemscope itemtype="http://schema.org/VideoObject"><iframe src="//player.theplatform.com/p/NnzsPC/widget/select/media/326IBKA9czPP?disableEndCard=true" width="480" height="270" frameBorder="0" seamless="seamless" allowFullScreen></iframe></div>
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^ Or, alternatively...

NT: And I'm just spitballin' here, but why don't we pay it off in canadian dollars and save ourselves some money?

EK: All right, just so you know, if that's a route that you're interested in traveling, it's $50,000 american, it would be 70,000 roughly canadian dollars.

NT: How are we gonna come up with $120,000?

Lou: NT, no, no. You don't add 'em together. And technically, EK, I'm sorry to say this, but it's more like $73,313. Look, it doesn't matter. We can't come up with $50,000 we're screwed.

Sid: Gar!
 

Pompous Elitist said:
I'm still wondering about the math. Iowa built their indoor practice facility, football performance center, and weight room for 55 MM. VCU built a 62,000 sq ft basketball practice facility for 25 MM. The LOL center is rumored to cost between 15-25 MM. Why does our project cost 150 MM? This is a serious question. I realize Mpls likely has higher labor costs, and there is some underground utility work that needs to be done, maybe some soil cleanup. However, the U owns the land, offsetting some of the cost.

There is a trend in NFL stadiums for the design and building costs to escalate to the sky. And nobody really knows why or asks. There are some articles out there exploring the issue that can be googled and the experts essentially say "I dunno".

We laugh at Iowa for overpaying for Ferentz and having golden handcuffs. I hope Norwood has a solid, worst-financial-case scenario to bring to the regents on how they willpay this gold-plated facility off without handicapping our ability to keep all sports programs, pay the coaches, and the athletes.


Time-tested wisdom:

<div itemprop="video" itemscope itemtype="http://schema.org/VideoObject"><iframe src="//player.theplatform.com/p/NnzsPC/widget/select/media/326IBKA9czPP?disableEndCard=true" width="480" height="270" frameBorder="0" seamless="seamless" allowFullScreen></iframe></div>
Click to expand...

Oregon's football facility costed $70 million and athletic academic center costed #40 million. That's not including an indoor practice field or basketball facilities. Northwestern is working on a $220 million dollar lakeside facility and Maryland's renovations to their field house that they are working on are $155 million.
 

Later in the Sports Huddle on Sunday, they came back to this topic. Sid said he had spoken to at least two of the Regents, and predicted the Regents will approve the plan in June.

Sid also said that Teague is expecting another $20 million in donations to be finalized/announced in time for the Regents' meeting. According to Sid, the donations are large - but not at large as the previous donations from Land O'Lakes or Regent David Larson.

So, I would say that it looks good for construction to begin this fall. Now, paying back a $40 million loan - that would have me sweating - so we'll see how Teague handles that part of the equation.

So, if they have $90 million in hand (or pledged, however you want to look at it), and borrow another $40 million, that puts them up to $130 million - meaning they still need to raise another $20 million to hit the $150 million mark. Of course, they will have to come up with another $40 million plus interest at some point to pay off the loans - whether that comes from fundraising or "future revenues" remains to be seen.
 

die hard gopher said:
Oregon's football facility costed $70 million and athletic academic center costed #40 million. That's not including an indoor practice field or basketball facilities. Northwestern is working on a $220 million dollar lakeside facility and Maryland's renovations to their field house that they are working on are $155 million.
Click to expand...
Forget comparisons with Oregon and Maryland, they get blank checks from Nike and Under Armor alumni and are typically considerably more opulent than what should be expected.
 

die hard gopher said:
Oregon's football facility costed $70 million and athletic academic center costed #40 million. That's not including an indoor practice field or basketball facilities. Northwestern is working on a $220 million dollar lakeside facility and Maryland's renovations to their field house that they are working on are $155 million.
Click to expand...

Oh, man I see now. Because they are spending like drunken idiots, we should follow suit. Sometimes I over think things!

I suspect if Norwood were spending money out of his own salary he'd be a tougher negotiater.

Has anyone calculated the price per sq foot for the office spaces? Going rate for a fieldhouse? I believe the total square footage has been reported to be around 340,000. Of that, 110,000 is the indoor facility which I will assume is the cheapest space. Whipping out my calculator 150 MM divided by 340,000 sq feet = $441/sq ft.

In contrast the Oregon football complex was 68 MM divided by 145,000 sq feet = $469 per square foot. We can outdo Oregon if we tack on another 10 MM to the original 160 MM. Just do it.
 

Sid: Strong indications that Regents will approve $40MM in borrowing for faci...

Pompous Elitist said:
Oh, man I see now. Because they are spending like drunken idiots, we should follow suit. Sometimes I over think things!

I suspect if Norwood were spending money out of his own salary he'd be a tougher negotiater.

Has anyone calculated the price per sq foot for the office spaces? Going rate for a fieldhouse? I believe the total square footage has been reported to be around 340,000. Of that, 110,000 is the indoor facility which I will assume is the cheapest space. Whipping out my calculator 150 MM divided by 340,000 sq feet = $441/sq ft.

In contrast the Oregon football complex was 68 MM divided by 145,000 sq feet = $469 per square foot. We can outdo Oregon if we tack on another 10 MM to the original 160 MM. Just do it.
Click to expand...

So we are cheaper? Oh yeah, these numbers don't support your claim so we shouldn't look at them.


Sent from my iPhone using Tapatalk
 

And we all know the per square foot cost to build stays the same over time.
 

Pompous Elitist said:
Oh, man I see now. Because they are spending like drunken idiots, we should follow suit. Sometimes I over think things!

I suspect if Norwood were spending money out of his own salary he'd be a tougher negotiater.

Has anyone calculated the price per sq foot for the office spaces? Going rate for a fieldhouse? I believe the total square footage has been reported to be around 340,000. Of that, 110,000 is the indoor facility which I will assume is the cheapest space. Whipping out my calculator 150 MM divided by 340,000 sq feet = $441/sq ft.

In contrast the Oregon football complex was 68 MM divided by 145,000 sq feet = $469 per square foot. We can outdo Oregon if we tack on another 10 MM to the original 160 MM. Just do it.
Click to expand...


You keep citing the $150 million as if it is only for the football complex. It isn't. It includes the basketball practice facilities, the Olympic sports upgrades, etc.

To keep in comparison: Iowa has now completed both a football complex and a basketball practice facility to the tune of about $115 million since 2011. I don't believe the Iowa plan included as many Olympic sports upgrade, nor the nutrition or academic center.
 

I have come to the realization that some GHers are never going to be happy.

What difference does it make if construction is started before they have cash in hand? The new facilities are being COMPLETELY FUNDED BY THE ATHLETIC DEPT.... THROUGH DONATIONS AND/OR INTERNAL FUNDING....INCLUDING LOANS! OMG, debt load! How will they survive?

The administration currently in place did not arrive as a carload of rubes from clown school. They MAY know what they are doing. It may come as a shock, but they may even understand the hows and whys and whens of the matter!

You do realize the school is trying to clean up FIFTY years of neglect, don't you? FIFTY YEARS OF IT!!!

This University was built on excellence....academic excellence, artistic excellence, athletic excellence.

Excellence...It isn't easy and it's certainly not cheap, but it is worth it.

Personally, I am glad they came out and said they are going to build it, even if they have to finance it. It's the type of commitment the U has been lacking for the last half century.
 

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