Dec. 17, 2003
The State of Iowa Board of Regents Tuesday approved the University of Iowa’s plans for renovation of historic Kinnick Stadium.
The $88.5 million project includes razing and rebuilding of the south endzone bleachers, renovation of existing restroom and concessions facilities, updating the electrical and plumbing systems, replacement of the existing scoreboard and sound system, and the construction of a new press box that includes private vieweing spaces and indoor and outdoor club seating.
The next step? Board of Regents approval of the University’s detailed financial plan and schematic plans of the facility upon completion in February.
The UI said the project would be financed entirely without state funding. The UI would secure up to $100 million of bonds that would be repaid through private donations to the UI Department of Intercollegiate Athletics and the revenue generated from the lease of the private viewing spaces — private suites — and club seating in the press box.
Bob Bowlsby, the UI Director of Athletics, told the Des Moines Register that a portion of the project would be financed through a fund-raising campaign that could generate up to $15 million.
“The long and short of it is that Hawkeye fans deliver and have invested heavily over the years,” Bowlsby told the Register. “They are enthusiastic about the project.”
The Regents will vote on the detailed financing and schematic plans of the project in February. However, they have asked UI officials to review their plan, particularly the timing of all that is proposed.
As approved Tuesday, the project would occur in two phases. Phase I would start immediately after the conclusion of the 2004 college football season and would focus on the south endzone bleachers. It would be completed prior to the start of the 2005 college football season.
Phase II would focus on the press box and would begin immediately after the 2005 season and would be completed by the start of the 2006 season.
“(Kinnick Stadium) is a statewide resource, a statewide destination and a very big part of the cultural life in the state of Iowa,” said UI President David Skorton.