Regents approve renovation of Jack Trice
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    Post Regents approve renovation of Jack Trice

    DMR link

    A $19.5 million renovation and expansion project at Iowa State's Jack Trice Stadium received final approval today from the State Board of Regents.

    The regents board voted unanimously to allow the construction of 24 luxury skyboxes on the west side of the football stadium as well as renovation and expansion of the stadium's east side club section.

    "We're all eager to see your new facilty and wish you luck getting it done in a timely and cost-effective way," said Michael Gartner, board president.

    Regent Craig Lang, president of the Iowa Farm Bureau Federation, abstained from the vote because Farm Bureau is negotiating a deal for a suite at the stadium, Lang said.

    The project also includes replacement of concession stands and restrooms on the stadium's west side. The total number of skyboxes will jump from 24 to 48.

    In approving the project, the Regents have agreed to permit the sale of $20.3 million in bonds to generate the money to complete the project, as well as refinancing $2.5 million worth of debt for existing suites at the stadium.

    The debt service on the 25-year bonds is expected to be about $1.5 million annually. Iowa State athletic officials have said the debt service would be paid from rent, profits and income from operation of Cyclone athletic facilities.

    Athletic officials have estimated that the debt service on the project can be paid with minimal increases in football ticket revenue and a 2 percent increase in men's basketball ticket prices every fifth year after the 2010-11 fiscal year.

    In addition, the department will continue to receive $2.9 million in general fund support as well as $1 million in student fee support. No increase in student fees are planned, but those fees are to be used as the backup pledge for retirement of the proposed bonds.

    Gartner asked why gradual profit margin increases for athletics are not used to decrease the amount of general education fund money going to sports.

    "Over the years, your margin builds up, but it doesn't show any decrease in general university support," Gartner said. "Is this being put under the mattress for phase 2 or is there hope general university support will zero out?"

    Iowa State president Gregory Geoffroy said it does not seem likely that university support for sports would stop in the near future.

    "We would like to be in a position at some point where that could occur. But given what we would like to accomplish, I do not believe that we should at this point in time project a decrease in that going forward,” Geoffroy said.

    Overall, the department estimates that the Iowa State athletic budget will increase in operational spending from $31.1 million during the current fiscal year to $44.5 million in 2017-18.



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    Re: Regents approve renovation of Jack Trice

    Witosky co-authored that. I'm somewhat shocked he was unable to devise a way to inject D-1 scheduling into this story.



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    Re: Regents approve renovation of Jack Trice

    I love it. I am so pumped about the things happening at ISU that I can barely take it. Attitude is so much different than it was when I was there. Awesome Awesome.



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    Re: Regents approve renovation of Jack Trice

    I didn't see anything about bowling in the south endzone. Is that ever going to happen?

    I'll be dead and buried before the south endzone gets finished.

    Maybe I can get buried there!

    :Ouch:


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    Re: Regents approve renovation of Jack Trice

    Quote Originally Posted by TxCycloneFan View Post
    I didn't see anything about bowling in the south endzone. Is that ever going to happen?

    I'll be dead and buried before the south endzone gets finished.

    Maybe I can get buried there!

    :Ouch:
    that's what I was wondering too...I thought I heard the south end zone was gonna be bowled in 2009, but maybe things have changed? any info?



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    Re: Regents approve renovation of Jack Trice

    JT was on a 2 phase improvement. This is the first part. The second part will be reevaluated after the fist phase is done (aka - see if we have the money/ability to fill extra seats). I'd expect it to start around 2010 if these ticket booms become a common practice. Keep the cyclone faith - it'll happen.



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    Regents okay big project at Jack Trice

    Per the Rag:

    DesMoinesRegister.com

    Final approval given for a $19.5 million overhaul beginning after '07 season.

    Iowa City, Ia. - A $19.5 million renovation and expansion project at Jack Trice Stadium received final approval Wednesday from the State Board of Regents.

    The regents board voted unanimously to allow the construction of 24 new luxury skyboxes on the west side of Iowa State University's football stadium as well as renovation and expansion of the stadium's east side club section.

    "We're all eager to see your new facility and wish you luck getting it done in a timely and cost-effective way," Michael Gartner, board president, said.

    Regent Craig Lang, president of the Iowa Farm Bureau Federation, abstained from the vote because Farm Bureau is negotiating a deal for a suite at the stadium, Lang said.

    The project also includes replacement of concession stands and restrooms on the stadium's west side. The total number of skyboxes will increase from 24 to 48. Officials have said they have received written commitments for leasing of 44 of the 48 skyboxes beginning in 2009.

    The skybox and club seating project, which is scheduled to begin at the end of the 2007 football season and be completed before the 2009 season, is part of an overall $135 million facility improvement plan by Iowa State athletic director Jamie Pollard.

    Last June, officials unveiled a master plan that included expansion of luxury suites and club seating at the football stadium as well as "bowling in" the south end zone at a total cost of $35 million.

    In addition, Pollard has proposed $100 million in renovations and the expansion of Hilton Coliseum to include new athletic administrative offices, new practice facilities for the men's and women's basketball and volleyball teams and the addition of suites inside the arena.

    In approving the project, the Regents have agreed to permit the sale of $20.3 million in bonds to generate the money to complete the project, as well as refinancing $2.5 million worth of debt for existing suites at the stadium.

    "That is good news and a great step forward for Iowa State athletics," Steve Malchow, senior associate athletic director, said. "We are looking forward to getting the project under way."

    The debt service on the 25-year bonds is expected to be about $1.5 million annually. Iowa State athletic officials have said that the debt service would be paid from rents, profits and income from operation of Cyclone athletic facilities.

    Athletic officials have estimated that the debt service on the project can be paid with minimal increases in football ticket revenue and a 2 percent increase in men's basketball ticket prices every fifth year, after the 2010-11 fiscal year.

    In addition, the department will continue to receive $2.9 million in general fund support as well as $1 million in student fee support. No increase in student fees is planned, but those fees are to be used as the back-up pledge for retirement of the proposed bonds.

    Gartner asked why gradual profit margin increases for athletics are not used to decrease the amount of general education fund money going to sports.

    "Over the years, your margin builds up, but it doesn't show any decrease in general university support," Gartner said. "Is this being put under the mattress for phase 2 or is there hope general university support will zero out?"

    Iowa State President Gregory Geoffroy said it does not seem likely that university financial support for sports would stop in the near future.

    "We would like to be in a position at some point where that could occur. But given what we would like to accomplish, I do not believe that we should at this point in time project a decrease in that going forward," Geoffroy said.

    Overall, the department estimates that the Iowa State athletic budget will increase in operational spending from $31.1 million during the current fiscal year to $44.5 million in 2017-18.

    Reporter Tom Witosky can be reached at (515) 284-8522 or twitosky@dmreg.com.


    Last edited by ornryactor; 06-14-2007 at 11:10 AM.
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    Re: Regents okay big project at Jack Trice

    THATS WHAT I LIKE TO HEAR!!!



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    Re: Regents okay big project at Jack Trice

    "Overall, the department estimates that the Iowa State athletic budget will increase in operational spending from $31.1 million during the current fiscal year to $44.5 million in 2017-18."


    That sucks if its going to take us over 10 years to move up one spot in the Big 12. (which means we will still be last) We need more TV money and more NCC members.

    Does anyone know any good pictures of what the west side suites are going to look like with the press box as if you where sitting on the East side looking at them?


    Last edited by HandSanitizer; 06-14-2007 at 11:47 AM.

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    Re: Regents approve renovation of Jack Trice

    You have to get the big boosters to buy the suites first. Then at that point you have shown that you can get done what you said you could and they will grant you more money to play with. Do the easiest part first and then they will give you money.



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    Re: Regents okay big project at Jack Trice

    Quote Originally Posted by HandSanitizer View Post
    "Overall, the department estimates that the Iowa State athletic budget will increase in operational spending from $31.1 million during the current fiscal year to $44.5 million in 2017-18."


    That sucks if its going to take us over 10 years to move up one spot in the Big 12. (which means we will still be last) We need more TV money and more NCC members.
    Takes winning to get more NCC members...If JP can keep people excited like this last year, the budget should increase much faster. Didn't ISU get like $8M in additional donations this year?


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    Re: Regents approve renovation of Jack Trice

    Quote Originally Posted by TxCycloneFan View Post
    I didn't see anything about bowling in the south endzone. Is that ever going to happen?

    I'll be dead and buried before the south endzone gets finished.

    Maybe I can get buried there!

    :Ouch:
    Buried in the concrete, Sopranos style???


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    Re: Regents approve renovation of Jack Trice

    Quote Originally Posted by ISUFan22 View Post
    Overall, the department estimates that the Iowa State athletic budget will increase in operational spending from $31.1 million during the current fiscal year to $44.5 million in 2017-18.
    We better be at more than $44.5 million by 2017. To put this in perspective, A&M went from $40 million to $70 million over the last four years!



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    Re: Regents approve renovation of Jack Trice

    if the big 12 has disbanding issues this whole thing could bo POOF!



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    Re: Regents approve renovation of Jack Trice

    Here are some pics...





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