The University of South Florida’s board of trustees have authorized a $200 million debt to build an on-campus football stadium that will seat 35,000 just north of practice facilities. The project will cost $340 million total, but the remaining $140 million will come from the following sources:

-         $50 million from donations via the schools private fundraising arm, the USF Foundation

-         $31 million from the capital improvement trust fund

-         $59 million from misc. funds including the sale of broadband equipment and licenses.

No public money or tax dollars were included in the stadium budget. The final cost will not be finalized until next spring/summer, when architects led by design firm Populous and construction company Barton Marlow present a guaranteed maximum price for the project. USF can back out of the contract without penalty if they do not approve of the final maximum price.

Trustee and president of the Faculty Senate Jasinski Schneider voted against the project, raising concerns about the debt service and operations and the pressure that students who play for the team may feel to be successful. She also brought up the concern that the $18 million it will cost to relocate the Intramural fields that sit on the stadium site is not included in the $340 million budget.

The new stadium will be built at Sycamore Fields, which is where the football team originally practiced. USF has pitched the project as a transformational one for the school’s sports programs. The women’s lacrosse team will play at the new stadium and USF has also said it can be used as a concert venue. USF has a lease with Raymond James for five more seasons, but the lease can be ended early as long as 24 months’ notice is given.

USF’s board of Governors must also give approval for the debt insurance to become official. The loan will be issued for 20-years at a projected 5.5% interest rate, with the first three years dedicated solely to covering the interest. USF does recognize that the stadium is a huge financial risk, but it is one they are willing to take on.

Jeff Vinik and the Morsani’s (Frank & Carol) have each donated $5 million toward the project.