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A week after Colorado State President Tony Frank recommended the building of a new on campus stadium, the decision by the Colorado State University Board of Governors was to approve the building of the stadium.
There was an 8-0 vote in a decision that has been a highly controversial topic in Fort Collins amongst the boosters who are in favor and the Save Our Stadium campaign calling to renew Hughes Stadium, and then those want to build a new stadium on campus. One board member abstained from voting.
BREAKING: CSU Board of Governors approves plan to build on-campus stadium http://t.co/0kearntXuG #CSURams pic.twitter.com/o5iA7L5w8D
— 7NEWS Denver Channel (@DenverChannel) December 6, 2014
The details on funding for the stadium hasn't been announced yet, but Frank has recommended borrowing $195 million through the sale of revenue bonds. The bond payments would be paid back by stadium revenues, which is estimated to be at $12.1 million a year. The $50 million which has already been made through private donations will help cover the cost of the bond payments if stadium revenues fall well below the estimations.
Construction on the new stadium could begin as soon as October 2015. If that is the case, the estimation is that the stadium will be opened for the 2017 football season.
In a week where Ram fans were faced with unfortunate news that head coach Jim McElwain will be leaving for Florida, some exciting news has arrived with this announcement. The building of the new on campus stadium is sure to bring a lot of excitement to the already buzzing Colorado State football program.