BOGs approved construction of the RWJBarnabas Health Athletic Performance Center at an expected cost of $115M. How is it so expensive & how will we pay for the lax/soccer facility & Hale Center upgrades?
http://news.rutgers.edu/news-releas...letic-practice-facility/20170405#.WOafTBkpBnG
NEW BRUNSWICK, N.J. – The Rutgers University Board of Governors today approved construction of a multisport training and practice facility for Rutgers athletes on Livingston Campus.
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The projected cost of the project is $115 million. The university will go out to bond for $26 million to pay for the parking garage, which will eventually be paid for with event parking fees. The university expects to pay for the rest of the project using funds raised through the R Big Ten Build campaign, a multimillion-dollar naming gift from RWJBarnabas Health, and tax credits from the New Jersey Economic Development Authority’s Economic Redevelopment and Growth Program.
The project is one of three being funded through the first phase of the R Big Ten Build campaign, which has generated $71.1 million in donations as of mid-March. The campaign also will cover a lacrosse and soccer training complex and an enhanced football training complex at the Hale Center.
In the past three years, Rutgers Athletics has seen an 80 percent growth in its donor base, which has helped fund projects aimed at bringing Rutgers facilities up to the standards of those at other schools within the Big Ten. The goal of the R Big Ten Build campaign is ultimately to raise $100 million.
http://news.rutgers.edu/news-releas...letic-practice-facility/20170405#.WOafTBkpBnG
NEW BRUNSWICK, N.J. – The Rutgers University Board of Governors today approved construction of a multisport training and practice facility for Rutgers athletes on Livingston Campus.
* * *
The projected cost of the project is $115 million. The university will go out to bond for $26 million to pay for the parking garage, which will eventually be paid for with event parking fees. The university expects to pay for the rest of the project using funds raised through the R Big Ten Build campaign, a multimillion-dollar naming gift from RWJBarnabas Health, and tax credits from the New Jersey Economic Development Authority’s Economic Redevelopment and Growth Program.
The project is one of three being funded through the first phase of the R Big Ten Build campaign, which has generated $71.1 million in donations as of mid-March. The campaign also will cover a lacrosse and soccer training complex and an enhanced football training complex at the Hale Center.
In the past three years, Rutgers Athletics has seen an 80 percent growth in its donor base, which has helped fund projects aimed at bringing Rutgers facilities up to the standards of those at other schools within the Big Ten. The goal of the R Big Ten Build campaign is ultimately to raise $100 million.
