See if you can squint hard enough – or open your eyes wide enough – to perceive a university as an institution having something to do – in a primary way – with education.
Then follow all the news we ever get out of Colorado State University. Follow the activity that has preoccupied its president pretty much to the exclusion of everything else from the moment he took the job. Follow the issue that preoccupies both the people on campus and the people in the surrounding city. It’s the new football stadium and whose lie about its funding gets to be released to the public.
[CSU’s just-fired Athletic Director] said he was upset when CSU’s vice president for advancement, Brett Anderson, told The Coloradoan last month that the school had raised [a pathetic] $24.2 million toward the stadium project. [A university spokesperson] said Tuesday the university stands behind that figure, based on national standards for counting donations.
That figure was first reported a day after [the AD] told a local business group that fundraising was going well for the stadium.
“It was at least twice that much,” [the AD] said of the money that had been raised at that point. He said another $15 million to $20 million was “imminent, in the funnel” that would have been finalized by October. That is the deadline set by [CSU’s president] and the CSU Board of Governors for raising at least half the estimated construction costs for the stadium plan to move forward when conditional approval was given in October 2012.
The 50 percent figure, [the AD] said, was quickly ruled too optimistic by [the university’s vp for advancement], who told administrators no university had ever raised that kind of money in private donations for a project like the stadium.
So, [the AD] said, university officials set a “private goal” of raising $75 million by October while still publicly stating the target was $110 million. That is half of what now is estimated as the $220 million “athletics portion” of the stadium that also will include and additional $34 million worth of academic space.
That was based on the premise the university could still finance $125 million, half of the original estimated cost, through revenue bonds. It also put the $30 million that Hughes Stadium needs in what [the president] said is “critical maintenance” toward a new stadium.
The “funding scenario suggested by [the AD] is factually inaccurate,” [a spokesperson] said, noting the Board of Governors’ goal for philanthropic fundraising for the stadium remains $110 million.
How… seemly. The leadership of a university squabbling about how they’re going to jigger – for public consumption – the actually hopeless numbers on football stadium payment. A “private” goal and a public goal?
Or how about we do some huckster bluster about the just about to be filled to bursting sales funnel?
Life of the mind, don’t you know.
August 17th, 2014 at 8:57AM
Pro investment tip: don’t buy CSU stadium revenue bonds.
August 23rd, 2014 at 5:01AM
Actually, they may not be too bad, given that many of those types of bonds also have tax payer mandates if things go REAL bad. Wall Street knows how to cover their respective asses….