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

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

I'm very happy that the stadium will be started soon and the Owls will have their own home. Whats more is I'm excited about the fact that the 2010 recruits will have something more tangible to look at than stakes and string when they make their campus visits.

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

Listening to the meeting right now. Here are some questions from the BOT:

Who will set rental rates since Crocker is doing this for profit?
FAU will always retain ability to set rental rate. However, 5% rate increase expected in 2009, 5% increase in 2010. The rental rate just has to be able to meet the operating cost and the debt.

If we sign over all housing, both old and this new one, to Crocker, what happens if FAU wants to build more housing for undergraduates?
If FAU wants to build another facility for underclassmen, they can certainly do that and we will cross that bridge when we get there. Basically, FAU would consider whether it makes more sense to work with the developer or manage it separately.

Where does the money come from for initial development costs, i.e. architect's fees?
Existing housing reserves.

Why is the parking spots equal to only ~70% of the beds? In this day and age, doesn't everybody have a car?
In our current housing, there is only ~80% occupancy of spots from residential cars. We do anticipate this may result in students having to park a little further away. And we can recognize this may be an in issue but 100% occupancy means we might have to do either premium parking (pay to park) or try to build a parking garage but for that, the number don't add up right now. It's significantly more to build a parking garage than surface parking. Now, we also know that a lot of universities are working on remote parking, meaning parking and taking a shuttle and that's something that we anticipate to be part of FAU's near future.

They approved the motion to enter the pre-development agreement unanimously at 11:47.

Brogan called it an "air tight" plan.
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Re: BOT Meeting for July 22nd - Looks like we are Stadium bound...

AWESOME!

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

So when do we break ground i want to tailgate fot it lol...im getting a bit ahead of myself
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Re: BOT Meeting for July 22nd - Looks like we are Stadium bound...

Wait a second. First off I have not taken the time to stop and read any of the details of this deal. Are signining the rights over to control all housing both old and new or just the new innovation village housing?
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Re: BOT Meeting for July 22nd - Looks like we are Stadium bound...

RoscoeOwl said

Wait a second. First off I have not taken the time to stop and read any of the details of this deal. Are signining the rights over to control all housing both old and new or just the new innovation village housing?

"control" is a strong word. FAU seems like they will still have a large portion of "control," but some revenues will be going to Crocker.

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

So some of the revenues from old housing that is already in place and already established and forecasted in current and future budgets are now going to be lost?
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Re: BOT Meeting for July 22nd - Looks like we are Stadium bound...

Nevermind I finally took a look at it. Not the best way to go but it appears we had to just take what we could get.
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Re: BOT Meeting for July 22nd - Looks like we are Stadium bound...

RoscoeOwl said

So some of the revenues from old housing that is already in place and already established and forecasted in current and future budgets are now going to be lost?

I'm not sure. Owlcountry said 5% increase

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

smittysahoot said

RoscoeOwl said

Wait a second. First off I have not taken the time to stop and read any of the details of this deal. Are signining the rights over to control all housing both old and new or just the new innovation village housing?

"control" is a strong word. FAU seems like they will still have a large portion of "control," but some revenues will be going to Crocker.

From what I understand, FAU will own and manage the property (hire RA's, maintenance, etc). Crocker will earn some portion of the revenue and market the housing through a side firm.
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