USF officials moved another step towards the development of the on-campus stadium on Wednesday. 

The Board of Trustees (BOT) Finance Committee approved the USF Stadium Construction Management Agreement, paving the way for construction of the projected $340 million project to begin this fall. 

The agreement passed from all eight committee members without any opposition. There was little discussion prior to the vote.

The agreement will also be voted on by the full board during the next trustees meeting on June 4.

On April 9, the university selected Manhattan Construction Co., H.J. Russell & Co. and DuCon LLC to manage the stadium construction. 

Manhattan Construction Co. has over $7.2 billion in sports project construction experience according to their construction bid, including $143 million renovations to Raymond James Stadium. 

Related: USF announces stadium groundbreaking date

The company has also constructed other college football stadiums, such as TDECU Stadium at the University of Houston, Clemson Memorial Stadium and Kyle Field – home of Texas A&M.  

H.J. Russell & Co. is a project management firm based in Atlanta. DuCon, LLC is a Sarasota-based construction firm that is also listed as a Minority Business Enterprise (MBE).

MBE’s are at least 51% owned and operated by a member of a minority-group, according to the National Minority Supplier Development Council.

The open-air stadium is slated to feature a seating capacity of 35,000, and will be the home of the USF football and women’s lacrosse teams.

Construction managers will propose a “Guaranteed Maximum Price” (GMP) of the project, which will be agreed on by the university. 

The GMP will be voted on at a future Board of Trustees meeting, according to the document. 

The agreement also states the construction manager will charge a fee of $320,975 and $167,009 – totaling just under $490,000 – for the two phases of pre-construction, respectively.

The fee for construction services will equate to 2.25% of the GMP, pending approval. 

USF also has the ability to terminate the contract at any time.

Related: USF’s on-campus stadium has a new construction firm

The project must be built to “substantial completion” to allow the stadium to be used during the 2027 football season, according to the agreement.

Substantial completion means that the stadium can be used, even though minor construction may remain. 

The construction manager will also be fined a $7,500 penalty per day if the stadium isn’t completed in time, according to the agreement. 

That penalty increases to $2 million for every missed home football game.  

The contract protects the construction manager from penalty if there are events “outside of their control,” such as unforeseen weather events, Senior Associate General Counsel Hillary Black said. 

The stadium’s completion date is on March 31, 2027, according to university documents. The adjacent sports performance center is to be completed on May 29, 2026.

The construction manager will commit to utilizing small businesses, women-owned businesses and veteran-owned businesses for at least 36% of all design and construction costs. 

The stadium’s groundbreaking ceremony will be held during Homecoming Week, scheduled for Oct. 14-19.