MN Daily: Fundraising and debt: How UMN is funding Athletes Village

BleedGopher

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per the Daily:

With a projected $166 million bill, the University of Minnesota’s Athletes Village will be funded in part by the largest fundraising campaign its athletics department has ever undertaken.

The department has raised $105 million to date, with $16 million raised in the past month alone. The remaining $61 million will be financed through debt, a practice the University uses on certain high-dollar capital projects.

The $104.5 million renovation of Pioneer Hall, for example, uses similar financing but does not utilize donations.

Athletes Village, the complex in Dinkytown that will house Gophers football, men's and women's basketball and administrative offices for athletics staff, is currently the largest single project underway at the University, though other projects have been larger in dollar value, like TCF Bank Stadium.

Taking on debt

Brian Burnett, the University’s vice president for finance and operations, said costs for the project that do not come from donations will be financed by taking on debt.

“It’s not that different from taking out a mortgage on a house or a loan for a car,” Burnett said. “You don’t just have all of that money saved up.”

http://www.mndaily.com/article/2017/10/n-fundraising-and-debt-how-umn-is-funding-athletes-village

Go Gophers!!
 




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