March 10, 2004
The Board of Regents today in Des Moines approved by a unanimous 9-0 vote the comprehensive renovation plan for historic Kinnick Stadium on the University of Iowa campus.
Specifically, the Board approved the University’s proposed financing plan and schematics. Today’s action gives the University permission to proceed on an $86.8 million renovation of its 70,000-seat varsity football facility.
When completed in August 2006, Kinnick Stadium will boast a new south endzone grandstand, new press box with a variety of premium seating options, renovated east grandstand and west grandstand concourses, new scoreboards, a new public address system and a new playing surface.
The project will be funded primarily with revenue generated from a capital campaign expected to generate up to $15 million and the sale of private suites, indoor club seats and outdoor club seats in the new press box.
UI Director of Athletics Bob Bowlsby told the Board that the University had already received letters of intent for all 40 private suites expected to be included in the project and that he expects that demand for suites will likely require the creation of a waiting list. Bowlsby said approximately 10 percent of the indoor and outdoor club seat options have been sold without any marketing efforts in support of that specific piece of the project.
“The University has done a very thorough job of documenting the financial viability of the project,” Regent Bob Downer of Iowa City to the Cedar Rapids Gazette.
For a closer look at the project, click HERE.