But his approval hinged being able to raise $125 million - or half of the estimated $246 million price tag - from private funds before moving forward to determine seating plans and the like. He said state general funds, state tuition or fees and tax proceeds shouldn't be used to fund the proposed $246 million, 43,000-seat facility.
Frank said he'd have to be "extremely confident" that philanthropic support, combined with committed stadium revenues, would cover the cost of the stadium before taking "any" financing package to the CSU system Board of Governors for final approval of the project. His recommendation will go to the governing board this week, as members meet at the Fort Collins campus Thursday and Friday.
"If the Stadium Advisory Committee concluded that we could build a stadium (and I agree), and if I've concluded that I think we should build a stadium (and I have), then one question remains: Can we?" he said in a written announcement, posted Monday afternoon to the web page for the Office of the President.
Frank wasn't available for comment Monday following his announcement.
The new stadium is expected to bring in between $6.35 and $18.31 million in its first year of operations, according to projections by university-hired Conventions, Sports and Leisure International. The consulting firm has said the financial projections are "achievable," but many say projections are "optimistic." One sports economist hired by stadium skeptics said benefits would exceed costs only under "highly unusual" circumstances.
While numbers aren't set in stone, the projected stadium cost is $246 million. This doesn't include building a potential $16 million alumni welcome center and $30 million parking facility in university plans, Frank said, or spending an estimated $9 million to potentially move the Plant Environmental Research Center from its current Lake Street location to university land off Centre Avenue.
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