Practice Facility/Village Just Passed

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Yessssssss!!!!!
 

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per the Pioneer Press:

A Board of Regents committee said Thursday the University of Minnesota should break ground on the $166 million Athletes Village next month, despite fundraising struggles.

The U has raised $76.5 million for the football and basketball practice facility, which includes academic and nutrition spaces. President Eric Kaler recommended borrowing the remaining $89.5 million.

The U typically secures 80 percent of a project's funding before breaking ground, but Kaler said fundraising for Athletes Village is outpacing that for TCF Bank Stadium, which opened in 2009.

"I'm confident we have momentum, and this will grow," he said.

Regents voted unanimously to approve the final schematic design for Athletes Village and added the project to their construction budget. The full board is expected to give final approval Friday morning.

Athletes Village will be built next to the existing indoor football practice facility on the site of a track. It is scheduled to open in January 2018.

http://www.twincities.com/education...s-panel-backs-athletes-village-groundbreaking

Go Gophers!!
 

Good things come in threes (Amir and Curry and the long-awaited, nearly mythical improved facilities), so I will add my happy celebration again here. Great job to all the donors, to Louie and Norwood, to Kaler and the Regents and everyone else involved in finally making this happen!

we win.jpg

<iframe width="420" height="315" src="https://www.youtube.com/embed/3GwjfUFyY6M?rel=0" frameborder="0" allowfullscreen></iframe>
 

BleedGopher said:
per the Pioneer Press:


The U has raised $76.5 million for the football and basketball practice facility, which includes academic and nutrition spaces. President Eric Kaler recommended borrowing the remaining $89.5 million.

Go Gophers!!
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It sounds like the basketball practice facility will be part of the day 1 construction, anybody know what the timetable is, 2016 or 2017 completion. Kind of hope it is ready before the 2017 recruits visit next fall.
 


jovs said:
It sounds like the basketball practice facility will be part of the day 1 construction, anybody know what the timetable is, 2016 or 2017 completion. Kind of hope it is ready before the 2017 recruits visit next fall.
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jovs said:
It sounds like the basketball practice facility will be part of the day 1 construction, anybody know what the timetable is, 2016 or 2017 completion. Kind of hope it is ready before the 2017 recruits visit next fall.
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Article seemed to indicate January 2018 is the completion target. Next fall recruits will see actual progress of proof there will be a new practice facility.
 

http://regents.umn.edu/sites/regents.umn.edu/files/docket/fac_-_oct_2015.pdf

The Facilities Committee presentation for schematic design approval is attached.

Design Complete: July 2016
Construction Complete: January 2018

Construction Cost: $142882,000
Non Construction Cost: $23,118,000

Money Raised: $76,530,000
Long Term Financing: $89,470, 000

Possible Short Term financing: 31.1m
 

Ignatius L Hoops said:
Possible Short Term financing: 31.1m
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Is this the amount that they think that can be raised from large donors still not finalized and from smaller donors?

Seems about right with a reported $8 mil about to drop and several $1 - $5 mil still being worked on. And then the small donor stuff.
 



GopherinPhilly said:
Is this the amount that they think that can be raised from large donors still not finalized and from smaller donors?

Seems about right with a reported $8 mil about to drop and several $1 - $5 mil still being worked on. And then the small donor stuff.
Click to expand...

I think it's the amount of the existing $76.5M "money raised" that they'll have to cover with short-term financing until they collect on those committed donations (i.e., they'll be paying construction costs in the next two years while a portion of those donations will be paid over a longer period of time). I'm sure they're still hoping over time to get additional donations to cover all of the remaining $89.5M plus more for the other wishlist items that didn't make this initial plan.
 

If I understand correctly, the 31.1m is the ability to provide bridge loans to cover the period between the donation agreement and the actual donations. In other words, it is for existing donations that the donor may take time to monetize for any number of reasons including tax benefits.
 

Paging GW. Please let us know how the facilities won't be built. Also, please let us know how tue facilities being built is a violation of your self-imposed rules on paying for the facilities.
 

This is a great investment for the University, it's students and alumni, and for its core revenue sports. Build it and they will come, or at least they will more often.

Congrats to all those who worked hard to make this happen, included Kaler.
 



http://www.startribune.com/u-regents-expected-to-approve-166-million-athletes-village/331279731/

Updated Strib article.

"The regents’ vote had been delayed for months, in part because of concerns that the new Athletes Village could run afoul of federal Title IX gender-equity laws. The plan calls for demolishing the track facilities used by nearly half the U’s female athletes to make way for facilities dominated by male athletes. That prompted a federal complaint alleging gender discrimination in the athletics department. The U.S. Department of Education is investigating those allegations.

Last month, the U announced it would build a new, competitive track on the East Bank campus in Minneapolis, hoping to resolve the gender-equity concern. The specific site has not been chosen, but the U says it has reserved $20 million in “debt capacity” to cover those costs and assure Title IX compliance.

Matt Bingle, the director of women’s track and cross-country, praised the September decision about the new track, saying “I think it shows support to our women, which they need.”
 

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