January 11th, 2019 | by CollegeAD

UNC-Chapel Hill’s largest athletic booster club asked a state agency to approve $98 million in bonds for renovations to the Dean Smith Center and Kenan Stadium and construction of multiple new sports facilities. The finance agency offers tax-exempt public bonds to nonprofit institutions providing elementary and secondary education, private institutions of higher education, and other entities whose special purposes serve a public good. The Rams Club request is the first of its type in a decade, and is by far the largest ever for a university foundation, board members said. The finance agency has issued just two bonds for athletic facilities since 2004, and this request is 75 percent more than those two combined. The Rams Club has provided more than $200 million to UNC-Chapel Hill for athletic scholarships, and more than $100 million for athletic facility renovations. It has a cash balance of $35.6 million, and total net assets of $285 million. This is the first time it has sought tax-exempt public bond financing from the state. It hopes to use the bonds to pay off higher interest bridge loans it secured for the projects, and to complete work in progress. A new indoor practice field, new field hockey stadium, new track complex, and a new field soccer/lacrosse stadium are being built. Kenan Stadium would get new natural grass and synthetic turf borders, and locker rooms would be renovated at the Dean Dome. -Dan Way, Carolina Journal, Read More

About CollegeAD
Have a tip, job posting, or press release for CollegeAD? Email us at [email protected], or direct message @collegead. Sources always remain anonymous.

Comments are closed.

A Briefing Of The Day's College Athletics News
To Your Inbox Tonight.

* indicates required