The University of South Florida Board of Trustees has approved a plan for financing an estimated 35,000-seat facility that is scheduled to open by fall 2026.
The estimated cost for a new stadium is $340 million.
The approval by the board authorizes the USF Financing Corp. to issue a debt of $200 million that the university will repay from several sources, including operating revenues from the stadium and other revenues generated by USF Athletics, according to a statement.
“The stadium will provide a shared campus experience that will contribute to the culture, spirit and connectedness of the university, not only during the fall football games, but throughout the year,” says Rhea Law, president of the University of South Florida.
In the plan provided to the board, USF also identified the funding sources that will be used to support the other $140 million on the project including $50 million in cash advances on future capital gifts, $31 million from the Capital Improvement Trust Fund, $34 million in auxiliary funds and proceeds from a 2017 FCC auction and a contingent cash contribution from the sale of educational broadband service licenses, which will be about $25 million-$40 million, the statement said.
In partnership with the design/build team of Barton Malow and Populous, USF is currently going through the design phase of the new stadium.
The stadium will be built on the east side of the Tampa campus on a site known as Sycamore Fields, providing synergy with the ongoing expansion of the USF Athletics district.
During today’s meeting, the Board of Trustees also approved a plan to relocate recreational fields and other small facilities located at the Sycamore Fields site to other locations on campus to help ensure that all USF students continue to have access to facilities for club sports, intramurals and other recreational activities.
“It will provide our students, staff and faculty a place to gather and share their passion for USF, while giving alumni, and community members a compelling reason to return and experience the beauty and energy of our ever-evolving campus and students,” Law says.