FAU President Mary Jane Saunders, left, and Board of Trustees Chairwoman Nancy Blosser are all smiles at the conclusion of the Board of Trustees meeting Wednesday that saw the board approve the financing of a 30,000-seat on-campus football stadium. (FAUOwlAccess.com photo)
Unanimous approval
FAU’s Board of Trustees approves financing plan for 30,000-seat on-campus stadium, which the university can begin building following approval from Board of Governors in September.
Originally published on
7/21/2010
by
Marcus Nelson
BOCA RATON – Florida Atlantic’s Board of Trustees ended years of debate and discussion over the proposed on-campus football stadium on Wednesday.
In a unanimous vote, followed by applause from those in attendance, the board voted to approve a financing plan to build a 30,000-seat stadium that could have the Owls playing football on their campus by next season.
“I think it’s absolutely important that we give our students the overall college experience and part of that experience is intercollegiate athletics,” said FAU President Mary Jane Saunders. “When you combine the stadium with Innovation Village, it will make this the best university campus in America.”
The project still needs final approval from Regions Bank and the Florida Board of Governors before construction can begin, but the board’s approval after years of deliberation is seen as a big step toward building the long-awaited stadium.
“The unanimous affirmative vote by the Board of Trustees on the funding for the proposed on-campus stadium on this day, July 21st, 2010, will go down as one of the most important milestones in the history of Florida Atlantic University,” said FAU coach Howard Schnellenberger, who has been working to bring football to FAU’s campus since he was hired as director of football operations.
The Board of Governors meets on Sept. 16. As soon as closing is done, which is expected before Oct. 1, construction will begin.
The board approved FAU to borrow about $45 million from Regions Bank, which will be enough to begin construction immediately on the stadium. The entire project will cost FAU around $70 million.
“I just feel a tremendous sense of satisfaction and happiness for the university,” said FAU senior Vice President for Strategic Relations and General Counsel David Kian, who has been the university’s point man for the project.
The stadium could open as soon as September 2011 if there are no delays.
Players were excited to get the news.
“This is great.” said running back Alfred Morris, who will be a senior in 2011. “They’ve been promising this stadium to a lot of kids, even way before my time. To get it started and get their foot in the door, that’s a good thing."
Trustees approved the funding after conservative projections showed even if FAU only drew around 12,000 fans per game, the project would still be profitable.
“By taking the conservative approach this gives us the reassurance this can be accomplished, said chairman Nancy Blosser. “I am very, very comfortable with this. …I’m excited about it and it will be a game-changer for FAU.”