Mr SEC finds UK is raising money to renovate Commonwealth [Archive]

ColonelSteve

01-09-2013, 12:53 PM

The plans for the stadium upgrade have been in the works for a while, but UK launched a new website yesterday to help raise funds for the project. According to kfundonline.com, the school wants to add:

* Improved concessions, restrooms, video boards and security for fans.

* A multi-purpose recruiting room

* 10 to 15 suites to seat 100-150 attendees

* 2,000 to 2,500 club seats

* New press facilities

* A new team store

The site says the school’s goal is to “maintain, or slightly reduce, seating capacity while increasing the value of the remaining seats.” Those who’ve read this site for a while know that we’ve been expecting schools to start going smaller with their seating capacities and nicer with the amenities they provide. UK athletic director Mitch Barnhart said the following in December:

http://www.mrsec.com/2013/01/uk-raising-funds-to-renovate-commonwealth-stadium/

http://www.kfundonline.com/commonwealth-stadium-renovations/

ColonelSteve

01-09-2013, 06:40 PM

Gov. Steve Beshear and top legislative leaders are expected to announce their support Thursday morning for new academic buildings at the University of Kentucky and a $110 million renovation of Commonwealth Stadium.

The projects are among several that state universities have asked Beshear and lawmakers to approve, with the stipulation that they can be paid for with university dollars rather than state General Fund money.

"We turned a list of projects over to the governor and he's ready to proceed," Western Kentucky University President Gary Ransdell said Wednesday afternoon.

Beshear's office issued a press advisory Wednesday afternoon saying he will make a "major announcement for university funding and projects" Thursday morning in the Capitol. Beshear will be accompanied by University of Kentucky President Eli Capilouto, House Speaker Greg Stumbo, D-Prestonsburg, and Senate President Robert Stivers, R-Manchester, along with several other university presidents.

Ransdell said Beshear is expected to announce his support of legislative approval for so-called "agency bond" projects, in which universities pay back bond debt with internal revenue streams.

Most of the time those bonds are issued for projects such as dorms or dining halls, which generate money that can pay back the debt. Most academic buildings have been approved by the General Assembly and paid for with money out of the state's General Fund.

Ransdell said universities now want lawmakers to approve creative ways of financing academic buildings and other projects without spending General Fund money.

University of Kentucky officials declined to comment about the news conference.

However, Capilouto has previously discussed the need for more creative financing for academic buildings, and flexibility in getting approval for agency bond projects. For example, there have been major fundraising campaigns to renovate and expand both the Gatton School of Business and the School of Law.

Capilouto also has started a nearly $1 billion plan to replace and create more student housing at UK, using a private developer who puts up most of the equity in the projects.

Excitement for a renovation of Commonwealth Stadium has been building in recent months with the hiring of UK football coach Mark Stoops.

A wish list for the stadium published recently on a UK website included luxury suites, clubhouse seating for 2,500, new press facilities and concessions, and a new recruiting room near the Nutter Field House.

Read more here: http://www.kentucky.com/2013/01/09/2470148/beshear-expected-to-support-university.html#storylink=cpy