| UTA asks for more special events center funds |
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| Written by Joan Khalaf, The Shorthorn senior staff | ||||
| Friday, 06 November 2009 02:39 PM | ||||
InformationFebruary plansTotal: $73 million $28 — System bond proceeds $10 million — private gifts $35 million — UTA savings New proposal Total: $78 million $68 million — System bond proceeds $10 million — UTA savings The university reworked its proposal after it did not raise the expected $10 million in private gifts, said John Hall, Administration and Campus Operations vice president. The project was slated at $73 million but the new total proposal states $78 million. The additional $5 million is up for vote at the UT System Board of Regents meeting Nov. 11-12. Regents will also rule on final designs. “We’re still anticipating some type of private gift on the project,” he said. “But at the prime design approval by the board, if the commitment is not in hand, we have to show a different funding source until the commitment is made.” The university is asking for more money because the project’s square footage will increase from around 195,000 to about 218,000 because the center needs more mechanical and service corridor space. Hall said the space increase is “nothing unusual.” The Regents approved preliminary plans in February stating that $28 million would come from system bond proceeds, $10 million from private gifts and $35 million from UTA’s savings. Now, the university is asking that $68 million come from bond proceeds and $10 million from savings. UTA still anticipates using private gifts to fund the project, Hall said. Hall said the university would have to eventually pay back the $68 million. University spokeswoman Kristin Sullivan said this model is more favorable to the university and the System. “When we’re trying to get final approval for the project, we need to have money in hand,” she said. The center will house athletic events currently held in Texas Hall, graduations, concerts and community events. Completion is slated for January 2012. Views: 418 | E-mail
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| Last Updated ( Wednesday, 27 January 2010 03:32 PM ) | ||||
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