Sun Dome Renovation Financing Approved
- Construction will commence immediately and is expected to be completed no later than April 2012
- Further design information and renderings are expected to be available in 4-6 weeks
- Men's and Women's Basketball will play in alternate venues during the 2011-12 season
- Alternate venues will be announced with the team's schedules later this summer
- One of the world's leading construction groups
- Other notable projects include the New Meadowlands Stadium, Gillette Stadium and LP Field
- A global design practice specializing in creating environments that draw people and communities together for unforgettable experiences
- Other notable projects include the Amway Center, KFC Yum! Center and United Center
USF System Trustees extend life of 30-year-old structure
TAMPA, Fla. (June 8, 2011) - The University of South Florida System Board of Trustees today approved an internal financing plan to renovate the Sun Dome to give it 30 more years of use as an academic, ceremonial, rental and athletic facility. No educational money will be used in this project.
Known as the USF Arena & Convocation Center, the Sun Dome has reached the end of its effective service life primarily due to its age, a USF analysis showed.
Because the center is critical to student life and important ceremonies for the university, USF proposed renovating the facility immediately. This proposed renovation project will modify the existing 250,000-gross-square-foot arena and extend its useful life for another 30 years. The total cost of the project and associated costs are not expected to exceed $35.6 million.
The university's financial analysis indicated that the most effective method to finance this project is internal financing using its available funds. In order to enhance the University funding on this project, up to $10 million in funds from the USF Foundation will be made available. In addition, USF Athletics will provide support towards the renovation.
The funding for this project will come from non-instructional, non-E&G sources and will be on a one-time basis. The renovated center is expected to generate sufficient revenues to fully repay all the funding that is utilized.
The University of South Florida is a high-impact, global research university dedicated to student success. USF is classified by the Carnegie Foundation for the Advancement of Teaching in the top tier of research universities, a distinction attained by only 2.2 percent of all universities. It is ranked 44th in total research expenditures and 34th in federal research expenditures for public universities by the National Science Foundation. The USF System has an annual budget of $1.5 billion, an annual economic impact of $3.7 billion, and serves 47,000 students in Tampa, St. Petersburg, Sarasota-Manatee and Lakeland.