Iowa State’s plan to renovate and expand skybox and club seating at Jack Trice Stadium has cleared a key hurdle, according to an Iowa state Board of Regents document.
The private consulting firm Convention, Sports and Leisure International, based in Minneapolis, found that the athletic department financing plan for the $19.5 million project is reasonable, based on a review of other projects, an assessment of peer schools that have conducted similar projects, and projected Cyclone athletic operations.
“This is great news and we are gratified to have the consultants’ approval,” said Steve Malchow, senior associate athletic director. “We are hopeful that the Board of Regents will give us their permission to proceed.”
Regents are expected to review the consultant’s assessment at meetings next week in West Des Moines.
Construction plans call for the Regents to issue up to $20.3 million in bonds to generate the money to complete the project, as well as refinance $2.5 million worth of debt for existing suites at the stadium.
Athletic officials have proposed to increase the number of luxury suites at the football stadium from 24 to 48. The project also calls for renovation of the club seating section on the east side of Jack Trice Stadium, as well as replacement of concession stands and restrooms on the stadium’s west side.
The skybox and club seating project, which would begin at the end of the 2007 football season if approved and be completed before the 2009 season, is part of an overall $135 million facility improvement plan by Iowa State athletic director Jamie Pollard.
Pollard also has proposed $100 million in renovations and expansion of Hilton Coliseum.
The first part of the Trice renovation project, Pollard said, would begin immediately after the 2007 season and would be completed before the 2008 season.
Athletic officials estimated that the debt service on the project can be paid with minimal increases in ticket prices for football and men’s basketball every fifth year after the 2010-11 fiscal year.
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