JCMAN320
January 29th, 2008, 03:37 PM
Rutgers approves plan to expand football stadium
by Matthew Futterman/The Star-Ledger Tuesday January 29, 2008, 12:13 PM
Rutgers University officials have approved a controversial plan to start a $102-million football stadium expansion before securing all the money needed to complete it.
The school is counting on Gov. Jon Corzine's pledge to raise $30 million from private sources for the plan, which calls for adding 14,000 seats, a dining club for high-end ticket-holders and new locker rooms. Starting the plan now requires the university to borrow $72 million to begin construction next month and complete the first phase of the expansion before the upcoming season.
Supporters say the university needs to pursue the aggressive schedule to expand the 43,000-seat stadium to take advantage of the heightened interest in Rutgers football.
http://blog.nj.com/ledgerupdates_impact/2008/01/large_Rutgers%20Stadium.jpg
AP Photo/Mike Derer
Students at RU see and talk about a rendering of the proposed expansion of Rutgers University football stadium during a student forum about the project.
University officials have declined to say whether there is a backup plan if Corzine can't produce the cash. George Zoffinger, an outspoken member of the Board of Governors and the chairman of its audit committee, said no backup plan exists.
The stadium expansion project appeared dead in November when Corzine pulled $30 million in state funding. A week later, however, Corzine and state Sen. Ray Lesniak (D-Union) promised to raise $30 million by August from private sources.
Since then, the governor and his senior staff have convened a series of meetings to determine whether Corzine could solicit funds for the stadium without breaking ethics laws or give the appearance that donors would receive favorable treatment from the state.
On Monday, the governor's spokeswoman, Lilo Stainton, said Corzine would be "lending his name" to the fundraising efforts and would "tap into the Rutgers fundraising mechanism that exists."
Experts in philanthropy say the prospects for success for Corzine and Rutgers are mixed.
by Matthew Futterman/The Star-Ledger Tuesday January 29, 2008, 12:13 PM
Rutgers University officials have approved a controversial plan to start a $102-million football stadium expansion before securing all the money needed to complete it.
The school is counting on Gov. Jon Corzine's pledge to raise $30 million from private sources for the plan, which calls for adding 14,000 seats, a dining club for high-end ticket-holders and new locker rooms. Starting the plan now requires the university to borrow $72 million to begin construction next month and complete the first phase of the expansion before the upcoming season.
Supporters say the university needs to pursue the aggressive schedule to expand the 43,000-seat stadium to take advantage of the heightened interest in Rutgers football.
http://blog.nj.com/ledgerupdates_impact/2008/01/large_Rutgers%20Stadium.jpg
AP Photo/Mike Derer
Students at RU see and talk about a rendering of the proposed expansion of Rutgers University football stadium during a student forum about the project.
University officials have declined to say whether there is a backup plan if Corzine can't produce the cash. George Zoffinger, an outspoken member of the Board of Governors and the chairman of its audit committee, said no backup plan exists.
The stadium expansion project appeared dead in November when Corzine pulled $30 million in state funding. A week later, however, Corzine and state Sen. Ray Lesniak (D-Union) promised to raise $30 million by August from private sources.
Since then, the governor and his senior staff have convened a series of meetings to determine whether Corzine could solicit funds for the stadium without breaking ethics laws or give the appearance that donors would receive favorable treatment from the state.
On Monday, the governor's spokeswoman, Lilo Stainton, said Corzine would be "lending his name" to the fundraising efforts and would "tap into the Rutgers fundraising mechanism that exists."
Experts in philanthropy say the prospects for success for Corzine and Rutgers are mixed.