The University of Idaho’s Idaho Central Credit Union Arena project budget could rise to $51 million, under a request to state officials.
In March, the Idaho State Board of Education approved a cost of $46 million for the arena project, which will result in a new home for the University of Idaho’s men’s and women’s basketball programs. With the university hoping to start construction next month, it is seeking to up the project’s budget by $5 million. Most of that total would go toward covering a finalized cost estimate, with remaining funds serving as a contingency.
The board is expected to consider the request at a retreat on Wednesday. More from the Moscow-Pullman Daily News:
The increase would cover a finalized construction estimate that is more than $3.3 million higher than the previous estimate of $46 million, approved by the board in March, as well as a $1.64 million construction contingency fund, bringing the full cost of the project to $51 million.
With $17 million on hand and much of the remaining $34 million covered in pledged gifts that will mature over the next 35 years, state board officials said that $34 million amount will be covered by bonds and internal loans until those funds are secured.
They said the $34 million includes an expanded shortfall of about $7.5 million — up from $3 million in the previous estimate. The full cost of the project over 35 years, including interest, clocks in around $84 million, though that amount can be reduced if the school can retire the amount owed more quickly.
The arena is expected to seat over 4,000 for basketball, with program facilities, a practice gym, and conference space among its amenities. It is currently expected to be completed in September 2021.
Rendering courtesy University of Idaho.