Committee agenda reveals estimated on-campus stadium price tag
USF’s on-campus stadium price is estimated to be around $340 million, according to Tuesday’s Board of Trustees (BOT) finance committee meeting agenda. The Bulls had not previously announced financing or a funding plan.
Currently, the stadium is in the $22 million design phase which the BOT voted to approve in March. The University is partnering with design-build companies Populous and Barton Malow to complete this phase.
On Tuesday, USF will seek approval to take on a $200 million loan with a 20‐year term and an estimated fixed, taxable interest rate of 5.50% starting in the 2024 fiscal year, according to the BOT’s finance agenda.
The debt will be secured by liens on certain non-stadium and stadium operating revenues including ticket sales, capital campaign revenues, net concession revenues, net merchandise revenues, net event parking revenues and stadium advertising revenues.
USF will pay the remaining $140 million needed to fund the project, according to the agenda. Here is where the money comes from:
- $50 million from the USF Foundation
- $34 million from auxiliary funds and proceeds from the 2017 FCC auction of TV broadband
- $31 million from the capital improvement trust fund
- $25 million in cash
The stadium is expected to have a 35,000-person capacity, with multiple premium areas and experiences to support the football and women’s lacrosse programs. It includes five levels: field level, the main concourse, club level, suite level and press level.
Construction is expected to begin in October 2023, according to the agenda. The Bulls aim to complete the stadium before the 2026 season in July. USF will receive $2 million in damages from the construction company for every home game that the Stadium is unavailable.
In its next meeting on May 23, the finance committee will seek to approve the plan. If the plan is approved, it will then be voted on at a full BOT meeting on June 13.