ROCK1 Posted July 26, 2007 Report Share Posted July 26, 2007 When Akron did so much renovation on campus, I believe about $350 million, and now with a $50 million stadium, I would like to know where the financing comes from?Are we talking about selling bonds that are paid off by student fees? Anyone know how much private donations were involved? Quote Link to comment Share on other sites More sharing options...
Zipsrifle Posted July 27, 2007 Report Share Posted July 27, 2007 The campus renovation is Proenza's work. The story I heard is that he developed the master plan, went to the Ohio Board of Regents and said something to the effect that the state of Ohio has been pumping money into the other Universities for decades while UA sat there and fell apart. He showed them his plan, and told them to give him all the money his was asking for ($300 million), or nothing at all. After they reviewed the plan they told him they didn't think $300 million was enough and gave him chunk extra. I don't know he truth to this story, but it sure sounds good. As for the stadium, I really don't know the plans. I would expect that they will be selling bricks or something like that for a good chunk of change. Probably some bonds in there too. Quote Link to comment Share on other sites More sharing options...
zipboy Posted July 27, 2007 Report Share Posted July 27, 2007 I remember reading 30 million in donations and 25 million in bonds. The extra revenue from the loges, parking, etc would pay the bonds off. Someone who knows more, please correct me if I am wrong. But I did read no extra fees for students. Quote Link to comment Share on other sites More sharing options...
akronad Posted July 27, 2007 Report Share Posted July 27, 2007 You are correct. $25 million in bonds and $30 million in donations. They already have in excess of $21 million pledged. That is not too bad. Now Mack has to start beating the bushes of all alumni to make a pledge. I don;t think it is too unreasonable a request. Quote Link to comment Share on other sites More sharing options...
ziptrumpet87 Posted July 27, 2007 Report Share Posted July 27, 2007 I remember hearing they got a good deal on bond rates when they announced the Landscape for Learning. Quote Link to comment Share on other sites More sharing options...
GP1 Posted July 27, 2007 Report Share Posted July 27, 2007 The campus renovation is Proenza's work. The story I heard is that he developed the master plan, went to the Ohio Board of Regents and said something to the effect that the state of Ohio has been pumping money into the other Universities for decades while UA sat there and fell apart. He showed them his plan, and told them to give him all the money his was asking for ($300 million), or nothing at all. After they reviewed the plan they told him they didn't think $300 million was enough and gave him chunk extra. I don't know he truth to this story, but it sure sounds good. As for the stadium, I really don't know the plans. I would expect that they will be selling bricks or something like that for a good chunk of change. Probably some bonds in there too. With all due respect, the campus changes were planned before Dr. P. I forget the president prior to him (Muse?), but it was planned under his watch. It's been a long time coming. Quote Link to comment Share on other sites More sharing options...
Rockhopper Wallaroo Posted July 27, 2007 Report Share Posted July 27, 2007 It's kinda funny that the $30 million they are getting for the stadium is termed "donations", when they are mostly from sponsorhip deals made in exchange for naming rights (stadium name and other parts of the stadia) ,advertising in and around the stadium, pouring rights (Pepsi multi-year deal that I believe is still in place), and deals with vendors to sell food and whatnot. I'm guessing that the University will farm out the rights to sell food in the stadium as opposed to doing it themselves like the Rubber Bowl. As it will be a bigger undertaking at the new digs.Bonds will be paid down using money from seat/loge/suite sales, game day parking fees, stadium rentals (HS football, concerts and other events), and leasing out the retail space in the new builidings around the stadium. Quote Link to comment Share on other sites More sharing options...
akronad Posted July 27, 2007 Report Share Posted July 27, 2007 They already sub-contracted the food vendors at the Bowl. It is run by a company out of Toledo call V/Gladiueax. The University has not run the concessions for the last 3 years. Quote Link to comment Share on other sites More sharing options...
Blue & Gold Posted July 28, 2007 Report Share Posted July 28, 2007 this is off topic, but I'm hoping the food concessions at our new stadium are on par with those of Canal Park. Quote Link to comment Share on other sites More sharing options...
zip81 Posted July 30, 2007 Report Share Posted July 30, 2007 The campus renovation is Proenza's work. The story I heard is that he developed the master plan, went to the Ohio Board of Regents and said something to the effect that the state of Ohio has been pumping money into the other Universities for decades while UA sat there and fell apart. He showed them his plan, and told them to give him all the money his was asking for ($300 million), or nothing at all. After they reviewed the plan they told him they didn't think $300 million was enough and gave him chunk extra. I don't know he truth to this story, but it sure sounds good. As for the stadium, I really don't know the plans. I would expect that they will be selling bricks or something like that for a good chunk of change. Probably some bonds in there too.With all due respect, the campus changes were planned before Dr. P. I forget the president prior to him (Muse?), but it was planned under his watch. It's been a long time coming. Wasn't the president between Muse and Proenza Peggy Gordon Elliot? Quote Link to comment Share on other sites More sharing options...
UA Fan Posted July 30, 2007 Report Share Posted July 30, 2007 Yes, it was her...she didn't last too long. That was a bad stretch for the U. as we were in danger of losing some or all accreditation which would have been a disaster. Thankfully they chose a great successor in Dr. Pro. Muse's emphasis was on selective excellence, especially polymer science of course and thus the Goodyear tower was built. He also did good work with the city to get Buchtel Ave. closed/rerouted. Ocasek Natatorium and the JAR were built in his tenure I believe as well as the old student center expansion. I want to say the acquisitions of Polsky and the Caddy dealership & Holiday Inn south of Exchange happened then too. I don't know for sure when all of the Master Plan was developed but I suspect it was mostly during the 80's before Dr. P. got here and the trustees had a lot to do with it. Basically they saw a downward trend in enrollment and knew they would have to make the campus more attractive & updated. I know there were plans for a fieldhouse back in the Faust days because I remember him mentioning it on his radio show.Many more projects yet to come... Quote Link to comment Share on other sites More sharing options...
Zipsrifle Posted July 31, 2007 Report Share Posted July 31, 2007 I don't know when the plans were drawn up, but I give Dr. Pro a lot of credit for acting on the plan, that is the tough part. Peggy was Prez. when I started in '94, and at that time the Polymer Building and Buchtel Commons were in existance. She was a disaster. Before Proenza was Dr. Ruebel. I believe I saw him at either a BB or a Football game this past year. Quote Link to comment Share on other sites More sharing options...
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