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BOT Meeting for July 22nd - Looks like we are Stadium bound...

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BOT Meeting for July 22nd - Looks like we are Stadium bound...

Looks like the Stadium funding is on the way folks…….

Only question is will it be late 2010, or opening game for 2011?

Here's an excerpt from the presentation Mr. David Kian will be making for approval.  This is the "pre-approval" with "final approval" scheduled for the Fall - the BOT has a retreat scheduled for September 21st - 22nd at a location TBD, another meeting Wednesday, October 21, 2009 at 10:00 a.m.

Redgardless, it appears that we are turning over Village Housing rights, AND current housing to fund the stadium:

"In April 2008 the University published an Invitation to Negotiate ('ITN') for the development rights of 2400 beds of University housing on the Boca Raton campus. The beds are projected in the campus master plan for the Boca campus to come online in the next seven years, and will form an integral part of Innovation Village. The beds will be marketed exclusively to upper?division undergraduate, graduate, and professional students – a market that is currently underserved. The University issued the ITN to determine whether private developers would be willing to assume responsibility for the development and construction of the units, and whether additional revenues could be derived from a development deal that could support other facets of Innovation Village.

Four development teams submitted responses to the ITN. After months of meetings with each responding team, the ITN selection committee issued a unanimous recommendation that the University award the development rights to Crocker Partners, LLC. Following this determination, the administration has been working with Crocker Partners and its development team to assess the feasibility of the proposal.

The negotiations have now advanced to the point where it is appropriate for the parties to enter into a Pre-Development Agreement. This agreement will authorize finalization of the building designs, site plans, operating agreement, and financing plan. The building design is currently envisioned to be apartment units with a mix of four-bedroom/two-bathroom and two-bedroom/two-bathroom units. The site will be two locations on the north side of the campus, in the heart of the Innovation Village area. The operating agreement will authorize the developer to operate and maintain both the new facilities and the University’s existing housing inventory; the University will continue to provide all residence life functions for all units. The financing plan contemplates the creation of a not-for-profit corporation that will be certified by the University as a Direct Support Organization ('DSO'), which will operate exclusively for the benefit of the University. University DSO’s are eligible to issue tax-exempt bonds in accordance with the Florida Board of Governors’ Debt Management Guidelines. The University and the development team anticipate that the DSO would issue either tax-exempt or taxable 'Build America' bonds, which would be backed by the revenue stream from the housing development. Any debt issued by the DSO would be non-recourse to the University. The developers would also infuse the project with a to-be-determined amount of capital investment.

All components of the final development deal will be brought to the Board for final approval in the Fall. The Pre-Development Agreement only obligates the University to continue working with the development team to finalize the foregoing elements, and to reimburse the team for certain design and development costs going forward, provided the University approves such costs in advance."


Read Full Recommendation Here

Full Meeting Agenda Here
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Re: BOT Meeting for July 22nd - Looks like we are Stadium bound...

So what does this mean really?  That there won't start construction on the stadium till fall?!
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Re: BOT Meeting for July 22nd - Looks like we are Stadium bound...

theblackmaria6 said

So what does this mean really?  That there won't start construction on the stadium till fall?!

I would say it looks that way. I would also venture to say it won't be ready for the MSU game.

Yes, it is a dissapointment but we are in the worst recession in decades. Its no one's fault. Good thing is the economy is getting better and somewhere during the construction of this stadium the economy is going to be much improved and other funding might be available. I'm talking about renegotiation of the terms if that is possible.

Another good thing that might come out of this is improved morale during this season. The players are finally going to see something real instead of promises.

FAU - THE REAL SLEEPING GIANT
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Re: BOT Meeting for July 22nd - Looks like we are Stadium bound...

Contemplated Project Scope and Phasing.

It is contemplated that the Project will involve the development of an initial phase (“Phase I”) of a new apartment-style housing community targeted to upper-division undergraduate and graduate students, comprising roughly 318 units and 1,226 beds of housing with common areas and amenities, and no less than 840 surface parking spaces, on one of two parcels of University-owned land designated for new housing and parking for the Innovation Village Project on the main FAU campus in Boca Raton.

In accordance with the ITN, it is the understanding and agreement of the Parties that at some point in the future, when FAU reasonably determines that demand warrants, members of the Development Team will work with FAU on the development of a second phase (“Phase II”) of roughly 1,200 beds of housing and related facilities targeted to upper-division undergraduate and graduate students on the “other” site within the Innovation Village Precinct not chosen for Phase I.

It is contemplated that the identified Sites will be made available for the Project through the utilization of a Ground Lease (“GL”) from the University to a to-be-formed entity, which may be a direct support organization of the University. The target date for commencement of the development and design of Phase I of the Project is July, 2009. Construction of Phase I will need to commence between November 2009 and February, 2010. The target date for Substantial Completion of Phase I is on or before August 1, 2011.



1200 beds to add to the existing 2400 beds, meaning 3600 people on campus? That's a nice boost. Although it says 2011, I have a feeling it will be open sooner than that. Private developers usually work at a faster rate than university developers do, perhaps because they're more eager to see the ROI. The design is already done (I posted the architect's rendering here before) and Housing said they were starting this January to open in Fall 2010. Maybe that timetable has slipped, maybe it hasn't. This contract gives Crocker another year's time just in case.

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Re: BOT Meeting for July 22nd - Looks like we are Stadium bound...

This must be the money for the Football Stadium (via the Ground Lease):


B. The Development Budget will include a Ground Lease Payment (“GL Payment”) to be paid from bond proceeds at the closing of the financing transaction (“Closing”), in an amount consistent with the land value of the Sites, which GL Payment is expected to be utilized by the University to help fund the development of other facilities, infrastructure or amenities within the Innovation Village Project. This initial GL Payment is anticipated to be in the range of $12 Million, with the Parties agreeing that the $12 Million amount is a goal. Additional Ground Lease payments may be made to the University on an annual basis from the Net Operating Proceeds of the Project.

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Re: BOT Meeting for July 22nd - Looks like we are Stadium bound...

owlcountry said

Contemplated Project Scope and Phasing.

It is contemplated that the Project will involve the development of an initial phase (“Phase I”) of a new apartment-style housing community targeted to upper-division undergraduate and graduate students, comprising roughly 318 units and 1,226 beds of housing with common areas and amenities, and no less than 840 surface parking spaces, on one of two parcels of University-owned land designated for new housing and parking for the Innovation Village Project on the main FAU campus in Boca Raton.

In accordance with the ITN, it is the understanding and agreement of the Parties that at some point in the future, when FAU reasonably determines that demand warrants, members of the Development Team will work with FAU on the development of a second phase (“Phase II”) of roughly 1,200 beds of housing and related facilities targeted to upper-division undergraduate and graduate students on the “other” site within the Innovation Village Precinct not chosen for Phase I.

It is contemplated that the identified Sites will be made available for the Project through the utilization of a Ground Lease (“GL”) from the University to a to-be-formed entity, which may be a direct support organization of the University. The target date for commencement of the development and design of Phase I of the Project is July, 2009. Construction of Phase I will need to commence between November 2009 and February, 2010. The target date for Substantial Completion of Phase I is on or before August 1, 2011.



1200 beds to add to the existing 2400 beds, meaning 3600 people on campus? That's a nice boost. Although it says 2011, I have a feeling it will be open sooner than that. Private developers usually work at a faster rate than university developers do, perhaps because they're more eager to see the ROI. The design is already done (I posted the architect's rendering here before) and Housing said they were starting this January to open in Fall 2010. Maybe that timetable has slipped, maybe it hasn't. This contract gives Crocker another year's time just in case.

that link didn't work.
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Re: BOT Meeting for July 22nd - Looks like we are Stadium bound...

fauowls44 said

that link didn't work.

Whoops. There was an extra http and some unnecessary punctuation. Anyway, I fixed it.

Anyway, this new Pre-Development document specifically references an apartment complex that FAU toured at the University of Maryland, Campus Park. It's called South Campus Commons and FAU expects Phase I of our Innovation Village apartments to be very similar in regards to quality of buildings, landscaping, amenities, etc. They also expect it to be seven stories tall, meaning they'd be some of the tallest buildings on campus.


P.S. I don't respond to guest posts. All guests are encouraged to register with the site.
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Re: BOT Meeting for July 22nd - Looks like we are Stadium bound...

I'm glad I'll be in SoFla this weekend to celebrate the announcement of the stadium funding. Go Owls!

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Re: BOT Meeting for July 22nd - Looks like we are Stadium bound...

smittysahoot said

I'm glad I'll be in SoFla this weekend to celebrate the announcement of the stadium funding. Go Owls!

Is it for sure that they are announcing it, or are they just proposing it still?
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Re: BOT Meeting for July 22nd - Looks like we are Stadium bound...

theblackmaria6 said

smittysahoot said

I'm glad I'll be in SoFla this weekend to celebrate the announcement of the stadium funding. Go Owls!

Is it for sure that they are announcing it, or are they just proposing it still?

They are voting to approve this:

"This agreement will authorize finalization of the building designs, site plans, operating agreement, and financing plan."
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