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Developer offers $12.5 million to build stadium project

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Developer offers $12.5 million to build stadium project

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http://www.palmbeachpost.com/blogs/content/shared-blogs/palmbeach/extracredit/entries/2008/10/28/developer_proposed_125_million.html

Ladies and gentleman, the stadium…..


I don't want to count my chickens before they hatch, but I think we are one step closer to saying TOUCHDOWN!

I'm a proud lifetime member of the FAU National Alumni Association. Are you a member? Join now at www.faualumni.org.
Tradition in the Making, One Alum at a Time…
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Re: Developer offers $12.5 million to build stadium project

The story was from Kimberly Miller… Now I don't have a problem with her but I know a lot of people on this board dislike her so let the Kimberly Miller bashing begin lol

My two favorite teams are FAU, and who ever is beating FIU!
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Re: Developer offers $12.5 million to build stadium project

"Crocker would give FAU the money and then keep profits from the renting of the residence hall rooms. Under the June offer, that agreement would give Crocker 30 acres of land for a term of up to 50 years."

Somehow I think that may come back and bite us in the butt. 50 years they give the profits of the dorms to the developing team? That's a long time to be under obligation to give up revenue.



My two favorite teams are FAU, and who ever is beating FIU!
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Re: Developer offers $12.5 million to build stadium project

Jab979 said

"Crocker would give FAU the money and then keep profits from the renting of the residence hall rooms. Under the June offer, that agreement would give Crocker 30 acres of land for a term of up to 50 years."

Somehow I think that may come back and bite us in the butt. 50 years they give the profits of the dorms to the developing team? That's a long time to be under obligation to give up revenue.




True, but we NEED that stadium now and we just got an unanticipated $170 million for broadband we dont use.  But wow, 50 years is a loooooooong time.

Teambeer is the most knowledgeable FAU sports fan I know, way smarter than me.
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Re: Developer offers $12.5 million to build stadium project

One more question….say we sell the profits from the dorms that are built, if somebody buys the naming rights of the stadium for $1 million for the next 20 years but doesn't buy them until say 2010…does FAU just get to pocket that money since the money received from the builders is what was used to build the stadium?

Teambeer is the most knowledgeable FAU sports fan I know, way smarter than me.
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Re: Developer offers $12.5 million to build stadium project

One would assume so, the money would go to paying of any other debt or operating budget we needed for the facility.
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Re: Developer offers $12.5 million to build stadium project

I don't want to be "sour sally" here, and please dont take this as such, but this is not news…

Been saying all along that the development deal is a cash cow, and that companies were lined up like pigs at the trough to be "a part of it"…

FAU will still wait for a no strings attached offer into the eleventh hour…

Now, if she can uncover a sponsor pledge prior to it going public, rather than a four month old announcement regarding potential development rights in exchange for rental monies from housing proceeds,  i will be impressed with her "journalism"…

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Re: Developer offers $12.5 million to build stadium project

Jab979 said

"Crocker would give FAU the money and then keep profits from the renting of the residence hall rooms. Under the June offer, that agreement would give Crocker 30 acres of land for a term of up to 50 years."

Somehow I think that may come back and bite us in the butt. 50 years they give the profits of the dorms to the developing team? That's a long time to be under obligation to give up revenue.




Agreed, but look at it this way, With the stadium football could concieveably start making a lot of money, Basketball could too, Jarvis seems to be able to draw talent. Those are the 2 "Money Makers" in college atheletics. Yes it will sting to lose the revenue for that long, but it would accomplish the goal of getting athletics into the next level.

I have come here to chew bubble gum and kick @$$ and I'm out of bubble gum.

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Re: Developer offers $12.5 million to build stadium project

I have a hard time believing that this offer is still on the table.  I seriously doubt that any development company has 12 million to give away right now……Well wait a minute.  Let me rethink this.  Actually, it's not a bad strategy.  If they can spare the 12 million right now, they garuntee a revenue for the future, securing the company's place.

Still though, if you grant a private company housing rights, it can be a very good deal, or a very bad deal.  People who are much smarter than I would have to pour over the contracts and think about all the possible ramifications of turning over housing rights.  I always thought that this couldn't happen because this is state land? Do other state colleges do this, or would we be the first?  

FAU - We got Bowls!
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Re: Developer offers $12.5 million to build stadium project

Florida_Owl said

I don't want to be "sour sally" here, and please dont take this as such, but this is not news…

Been saying all along that the development deal is a cash cow, and that companies were lined up like pigs at the trough to be "a part of it"…

FAU will still wait for a no strings attached offer into the eleventh hour…

Now, if she can uncover a sponsor pledge prior to it going public, rather than a four month old announcement regarding potential development rights in exchange for rental monies from housing proceeds,  i will be impressed with her "journalism"…

I'm tired of all the ambiguity. FAU has had more than enough time to nab their deal.

P.S. I don't respond to guest posts. All guests are encouraged to register with the site.
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