Mar 25, 2006 8:57 am US/Central
New 'U' Stadium Bill Unveiled
St. Paul (AP) ―
Legislators and the University of Minnesota have retooled a football stadium funding plan to make it less dependent on student fees and give the state some return for its sizable investment in the project.
The concept, which came to light Friday, would have the state buy 2,840 acres of undeveloped land the university has in Rosemount. The sale proceeds would help pay down debt for the $249 million on-campus stadium.
In all, state taxpayers would pick up 50 percent of the project's cost. Earlier plans had the state covering 40 percent. The extra increment would allow the school to reduce the burden on students, cutting a suggested $50 per semester fee to $25.
"The students get a break; the citizens of the state gets 2,840 acres of land that's not available to them today for recreation," said Richard Pfutzenreuter, the university's chief financial officer.
The university Board of Regents is scheduled to hold a special meeting Monday afternoon to vote on the deal. The Legislature could begin taking action on the stadium plan next week as well.
"This is another first down," said Sen. Geoff Michel, the Gopher stadium plan sponsor. "We're making more progress down the field."
Michel, R-Edina, said the proposal addresses one of the main concerns legislators had about the stadium bill: its impact on students.
"There's clearly some message from the Legislature that we'd like them to ease up on the student fee," he said. "This sounds like a good way to do that."
Another sticking point remains, however. The university has a $35 million naming-rights deal with TCF Bank. Some lawmakers are uncomfortable with a corporation putting its name on a public building.
Rep. Dennis Ozment, R-Rosemount, said the deal would allow the state to preserve open space. Land in the area is being snapped up for various development, he said.
"Minnesota as a state can play our role with helping the university in its endeavors yet we are getting something for all Minnesotans," he said.
Gov. Tim Pawlenty urged lawmakers to support the stadium proposal.
"The bipartisan leadership for this proposal is very encouraging," he said in a written statement. "I urge legislators to support this win-win for the state and the university."
If the university put the land up for sale it could fetch $10,000 to $15,000 an acre, Pfutzenreuter estimated.
The university owns 7,500 acres in Rosemount, a school spokesman said. Some of it is used for research. The deal allows the university to retain its rights to use the land for its research.
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Memorial Stadium was the home of Minnesota Golden Gophers football from 1924 until 1981.
(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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