State Budget Committee OKs funding for Hulman Center project

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Jason Svoboda said:
Because they don't have the money to finance the project and in the bigger picture they NEED the renovations done because of decades of neglect to the building so someone else would be on the hook for upkeep while they could just "rent" it as needed I'd imagine.
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That's kinda what I thought... But... as it was presented - it will be a profit center - and I think it will be "profitable" based on what i have seen with other facilities... Profitable for the facility owner and the surrounding hospitality industry, etc. So why give it up, as they planned to do initially? If it's profitable they generate funds to maintain the facility and retain ownership to do more of what they want and control the renovation plans. I like it better with ISU retaining ownership... They can employ ISU kids as marketing majors and create more hands-on learning opportunities for Business, Engineering, etc. It's a big business - convention/hospitality/sports. They better get "good/key" people managing it - usually another firm to manage... but in agreement with ISU will be nice. After they digest this and the final plans are finished - hopefully they release a donation/marketing plan.
From the online reading.. it looks like the state is funding half the 75 million... Also read where the state is giving each state regional university campus an additional 25 million for maintenance - it sounded like that was an unusual event, true? Does this mean that ISU has an additional 25 million, which at varying amounts, could be used for "maintenance/upgrades" of Hulman and/or track facility and other areas? Heck, if ISU already has their maintenance budgeted well (sounds like they do except for Hulman - which will now pay for itself) - 25 million can go a long way toward a few things in my mind which would fall under maintenance.
Could someone verify this 25 million? Hard to believe that much would go to each university without regard to size and need. Unless things were analyzed and each campus was in need. What is a regional university? Main campus of IU, PU, ISU, IUPUI, IPFW, USI, BSU, Vincennes? That equates to 200 million that's mentioned?
 
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I agree with much that's been said about fiscal support for this and other projects at ISU. Over the years our family has been VERY financially loyal to the University. Giving without question, no more. Philanthropy and the culture of giving hasn't been nurtured within the alumni base. The "old adage" is first you friend-raise then you fund-raise. The loyal supporters on this website are passionate and sincere, but what about the other 99,500 living alumni?
 
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Now with the $35M that state is willing to give, theoretically can ISU put in $35M worth of upgrades to the Hulman Center without spending a cent of ISU money? Or does it have to be converted into a convention center for the state money to come in? Or Does ISU at least have to put forward a % of the project for the state to approve it?
 
The welfare mentality is alive and well on the this board. If the city and county won't put up a significant amount then this project should just die.
 
SycamoreFan317 said:
The welfare mentality is alive and well on the this board. If the city and county won't put up a significant amount then this project should just die.
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I along with every ISU fan/alum/student want the beautiful $75M convention center. But I was just wondering if the state put any restrictions on the $35M that they gave us. Or is it "Here is $35M do whatever the f*** you want with it."
 

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I would almost guarantee that the money comes with strings attached. I dont see them ponying up that much money for something that does not include a convention center.
 
The way I read it ISU has the authority to bond up to 75 Million.When they do that the state will pay off half of that amount.I would think doing the whole project and only having 37.5 million in bonded debt would not be a terrible situation.If we can get other donors to make that debt smaller that's even better.
 
The city and the county are the ones who want the convention center. From what I understand, the county and the Convention and Visitors Bureau will be the ones contributing because they are the ones with money. The city is pretty much broke. It's going to be the $75M renovation/addition, they aren't going to do it without the addition. Let's just hope they do it right!
 
ISUCC said:
I'm with SSOM here, I will not give another penny to ISU until a definitive fund raising campaign comes out to finish the new track complex. I'm still not happy with the foundation reducing the amount of money donated by the Gibsons, you simply do not ask people to give less money than they want. It's inexplicable.
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I agree we need to complete all phases of the new track first. Question: Are the bleachers at the old track good enough to use at the new track?
Or maybe they can be used at Memorial Stadium to replace that hideously embarrassing hill!
 

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I sent a note to the track media relations gal that they need to update that facilities page to reflect that the Gibson Track Complex is the home for ISU track and field, not Marks field. Need to let people looking know we have a new facility.
 
ISUCC said:
I sent a note to the track media relations gal that they need to update that facilities page to reflect that the Gibson Track Complex is the home for ISU track and field, not Marks field. Need to let people looking know we have a new facility.
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Couldn't agree more. And why am I not surprised that the track showed Marks fireld??
 
iupui to be "recipient" of $32M Student Housing Project... recipient as they'll spend $0 of their money... while the kids will pay $500-$950 per bed/month...

this and the 2014 project (below) have to affect ISU recruitment/retention of Indy metro students


http://www.ibj.com/articles/53054-32m-student-housing-project-proposed-near-white-river

A locally based developer is seeking to build a $32 million apartment project near the downtown IUPUI campus as demand for student housing keeps growing.

Annex Student Living LLC is proposing to build a six-story, 248-unit building along West 10th Street just west of the White River. The company has agreed to buy the nearly 4-acre parcel pending approval from the city to rezone the property.

Construction could start late this summer and should be finished before the start of the fall 2016 semester.

The project, called The Annex on 10th, will offer studio apartments, as well as two- and four-bedroom units, priced from $500 to $950 per bed per month, Annex CEO Kyle Bach said. A total of 535 beds will be available.

Plus this project announcement from 2014:

IUPUI hopes to build a $45 million residence hall for 700 students on the campus in time for the 2016-17 academic year, the university announced Friday afternoon.

An exact site has not been chosen for the building, but the university said a location close to University Tower at 900 W. Michigan St. is being explored.

University officials say the residence hall is needed to address an 800-student waiting list for campus housing.

Fewer than 2,000 of IUPUI’s roughly 30,500 students reside on campus...

http://www.ibj.com/articles/48980-iupui-plans-to-build-45-million-residence-hall
 

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just to give us an idea on how big this project could be of us:

Notre Dame spent $24.6M to renovate their current basketball arena in 2009.

UCLA spent $136M to renovate their arena in 2012.

SMU spent $47M to renovate their arena in 2014.

Central Florida has a beautiful 10,000 seat arena that cost them $107M ($122M in today's money) in 2006.

As we speak Illinois is giving their arena a $160M renovation that will touch every inch of their building...or so they claim.

Richmond University just spent $17M to renovate their basketball arena. They decreased capacity from 9,000 to 7,000 but added a lot of bells and whistles to it. basically re gutting the entire arena and adding new chairs, video boards, concessions, etc.

I know it's tough to compare our renovations with these because they didn't add a convention center or maybe they added something that we aren't, but this is just to give you an idea on what they did with that kind of money.
 
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Does it look awesome, the interior from the facebook link.....Yes. But WHY OH WHY WON'T THEY JUST TAKE OUT A COUPLE THOUSAND SEATS, AND MAKE IT AN 8,000 CAPACITY?!?!?!?!

We hardly ever exceed even 6,000.
 
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