A more in-depth look at the timeline and financial specifics for football facilities renovations was announced on Tuesday at an athletics board meeting on campus.
Eric Monday, the university’s new executive vice president for finance and administration, told the board that the renovated facilities will cost $110 million, which will be paid off by UK athletics in 30 years at $6.6 million a year.
Officials said “programming and internal planning” is underway and that pending legislative approval, the athletics department plans to seek final approval for the renovations in March.
After that is done, a design team will begin the work that will include, according to Monday, 16-20 private suites, new home team facilities, 2,000 club seats, concession, restroom and security upgrades, a new team store, press facilities and a full-service kitchen.
“This project is focused on two ideals: to increase our competitiveness as well as fan satisfaction,” Monday said.
The project will get underway this calendar year and is to be completed in the fall of 2015 or early spring of 2016, according to the report.
After the overview of the project, C.B. Akins, chairman of the athletics committee, said he was pleased that it was being paid for with athletics dollars alone.
“We’re appreciative of the fact that this will be totally paid for by athletics and that we have an athletics program that is operating in the black, unlike many institutions across the country, whose programs are subsidized by universities because they have deficits annually,” Akins said.