Champion Cnter

[RABIDAWG]

Haven't heard much about the Champion Center. Is it strictly funded by private money? I was just wondering with all the hoopla over reduced enrollment, etc., that if the University could slow it's completion if they are funding it also. While walking around it after the game, I found it remarkable in size and probable expense. Thanks for any update.

 

[GeauxGriz]

Private donation.

 

[KoolMoeDee]

The Project will be funded as follows:
Fiscal Year 2015 Private Funds $ 7,926,565
Fiscal Year 2016 Private Funds $ 593,600
Fiscal Year 2015 Ticket Revenue (Designated Funds) $ 150,000
Fiscal Year 2016 Ticket Revenue (Designated Funds) $ 250,000
$ 8,920,165
Minimum additional fund raising 79,835
Maximum balance to be financed $ 5,000,000
TOTAL $ 14,000,000
Projected maximum debt service:
Loan: $5.0 million
Term: 15 years
Interest rate 3.0%
Estimated annual debt service $420,000

https://mus.edu/board/meetings/2014/Nov2014/AdminBudget/Nov2014_AdminBudget.asp

 

[Allezchat]

So its NOT completely privately funded?

 

[tnt]

So its NOT completely privately funded?

Yes its privatley funded, its a foundation project who has current ly leased the land from the univiersity to build their building.The Foundation is authorized to Borrow up to five million dollars which is secured (according to the rest of the document) by the university: Any secured financing will be supported by existing donor pledges, existing Washington Grizzly Stadium suite and Canyon Club memberships, and a portion of ticket revenues. The annual average cash flow from these sources is estimated at $685,000 which is a 1.63 coverage ratio of
the estimated annual debt service.
Doesn't mean they will borrow it or even need to. The university isn't paying it. nor is it clear the project will exceed 14 million dollars. The foundation will continue to raise money for the project.

 

[RABIDAWG]

Thanks!