Phase one of stadium renovation continues as planned

By Keith Thomas
Editor in Chief

At last week's Board of Trustees meeting, the sale of $70 million worth of bonds was authorized to fund the Ross-Ade renovations project.

Now that it has been approved, HNTB Sports Architecture of Kansas City is continuing with work in phase one, which consists of extensive concrete repairs in and around the 77-year-old Ross-Ade Stadium. This includes enlarging the concourse areas and the addition of several concession and restroom areas and an increase in handicap seating.

According to Purdue Athletic Director Morgan Burke, the plans are right on schedule.

"I'm very pleased," said Burke. "To date, we've had very few surprises."

Even the surprising wet weather of late hasn't had an impact on the progress of the construction crew. Burke said he doesn't anticipate summer weather conditions being much of a factor in delaying the renovation progress.

Burke said the renovation process, which began on Feb 12 with the relocation of Beering Drive on the west side of the stadium, has been a collaborative effort.

"It is an amazing group of people that are plowing through to make sure this project comes out right - especially with a project of this magnitude," said Burke.

According to Joe Bennett, vice president for University relations, people can start purchasing bonds this fall.

"The plan is to be ready to issue the bonds in November of 2001," said Bennett.

Those who purchase bonds will in actuality be investing into the renovation of Ross-Ade's repairs. In addition, investors will receive long-term interest on these bonds.

"The bonds will be sold and we get the money and repay the bonds with 20-, 25-, 30-year interest," said Burke.

According to Bennett, although people will be aiding the Ross-Ade renovations through the purchasing of bonds, buyers will be doing so for other reason.

"In most cases, people that buy the bonds will be buying them as a financial investment," said Bennett.

The money to repay these investors comes from Purdue football revenue, which comes from several different areas. However, the primary earmarked funds for the repayment of bonds – paid back by the Ross-De Foundation – will come from revenue earned from premium seating and reserved and suites.

Purdue started putting money away from the paid parking last year that too will go toward repaying investors.

Although the construction of phase one began in mid-February before the latest Board of Trustees meeting authorized the sale of bonds, Bennett said Purdue officials weren't worried about finding funding.

"All of this is a process that Purdue goes through very frequently so we did not have any concerns," said Bennett. "Purdue has a very good record on these kind of projects."

Indeed this type of funding isn't anything new, according to Burke.

Purdue used the same renovation funding option when plans to build Mackey Arena were finalized in the '60s.

Burke said Ohio State and Penn State are going through the same funding process that Purdue is as well, also to make football stadium renovations.

Phase one of the three-phase project is scheduled for completion by fall of 2003. Phases two and three of the renovation master plan includes adding an upper deck seating area, which will cost an estimated $50 million.

Once these steps are complete, seating for Boilermaker football games will increase from 67,332 to an even 80,000.

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SPORTS DESK PHONE:
(765) 743-1111 ext. 251

Sports editor:
Paul Trembacki

Assistant sports editor:
Anne McLaren

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