U of M will take on debt to build athletics complex
University of Minnesota officials say they're on track with fundraising for building a $166 million Athletics Village complex, but in order to break ground this year, they'll have to take on some long-term debt.
Next week, President Eric Kaler will ask the Board of Regents to approve about $89.5 million in long-term debt to fund what hasn't been raised yet.
So far, more than $76.5 million has been donated. Richard Pfutzenreuter, the University's chief financial officer, said they won't sell the long-term debt until 2017, so the amount borrowed could shrink.
"I'm very confident that that number is going to drop pretty significantly by the time we get to 2017," he said. "In fact it could drop next week because they are constantly working prospects to raise that $76 million number even higher."
Create a More Connected Minnesota
MPR News is your trusted resource for the news you need. With your support, MPR News brings accessible, courageous journalism and authentic conversation to everyone - free of paywalls and barriers. Your gift makes a difference.
A university spokesman says the U intends to pay off for the entire Athletics Village complex with private funds.
Final designs for the project, which includes an indoor football practice facility and a basketball development center, would be approved next July.
Crews would break ground on the complex, which includes football and basketball facilities, in November. Construction is expected to be completed by early 2018.
Title IX investigation results expected this winter
A memorandum sent to the Board of Regents says the U.S. Department of Education Office of Civil Rights will release results from its investigation into the athletics program this winter. The investigation was launched after a complaint was filed in 2014 that raised concerns over the Athletics Village project. The complaint said the complex would be built on the site of an outdoor track, currently used by a large number of female athletes.
The memorandum says the University decided to address the equity issue by building a new track facility on the East Bank.
The OCR did four separate multi-day visits to the campus this year.
Before the investigation, the U hired a Title IX consultant to evaluate the school's gender equity plan, according to the memorandum. She gave an evaluation of the program in February.
Correction (Oct. 3, 2015): An earlier version of this story said the Title IX investigation was complete. The investigation is ongoing, but initial investigation results will be released this winter..