The Idaho State Board of Education voted unanimously Thursday to approve the University of Idaho’s funding request to build the planned Idaho Central Credit Union Arena.
The project is contingent on approval from State Board Executive Director Matt Freeman in consultation with the new UI president, who will be named by April.
In approving the agenda item, the Board approved UI’s total budget of $46 million to construct the facility, allowing the university to move forward with the bidding and construction phases of the project.
Final approval includes the authority for the UI vice president for finance and administration to implement all necessary requisite consulting and vendor contracts to implement the project, said Mike Keckler, State Board spokesperson.
The board’s vote allows the university to proceed with plans to construct the 4,200-seat arena in fall 2021, with groundbreaking anticipated to occur in the spring of 2019, granted it gets proper approval from the next UI president and State Board executive director.
“The ICCU arena is much more than a basketball arena,” said Chuck Staben, president of the University of Idaho, in a news release. “This unique facility represents an essential addition to our residential campus, offering a gathering place for students, athletes, faculty, staff, alumni and friends for generations to come.”
Staben also thanked ICCU and the “many donors and partners whose support will make the arena a reality.” ICCU donated $10 million to help fund the facility, thereby earning the arena’s naming rights.
The facility is projected to use approximately $18 million from student facility fees, which come from a $30 annual fee approved in April 2016 and a proposed doubling of that fee to $60, which the Board will vote on at its April 17 meeting. The doubling is expected to raise approximately $17.5 million over 35 years, the State Board said in a news release.
The approved request also allows the university to loan itself $29 million from university short-term investments to fund the project, according to a Board news release. The money will be repaid through gifts, pledges and increase student facility fees, according to the release.
The arena’s planned site sits north of the existing ASUI Activity Center. The arena will feature a practice court facility, offices, locker rooms, alumni and conference facilities in addition to concourses, restrooms and concession spaces. The university intends for the facility to serve as a venue for court sports, provide additional offices for athletics staff and sufficient space for concerts.
“The arena will be a game-changer for Vandal basketball and will benefit our student-athletes and our athletics program,” said Pete Isakson, interim athletic director, in a news release. “The state-of-the-art arena will provide a teaching facility and the best game atmosphere in the Big Sky while also acting as a recruiting showpiece.”
The facility will feature engineered wood designed from Idaho forest products.
The project will also use roughly $25 million in fundraising fees, with $16 million already raised. The remaining $9 million are projected to come from gifts, pledges and sponsorships.
The facility’s master plans date back to the mid-1950’s, according to State Board materials. The project first moved forward in 2014 when Staben said he would develop a facility “suited to campus needs,” the Board materials show.
Opsis and Architects designed the project. Hoffman Construction has submitted a construction bid with an estimated cost of roughly $37.6 million. The total estimated cost includes construction costs, as well as design and support construction costs and administrative costs, among other financial aspects. The project is anticipated to be bid in sub-packages by Hoffan Construction, according to State Board materials.
Kyle Pfannenstiel can be reached at [email protected] or on Twitter @pfannyyy
Editor’s note: A previous version of this article misstated the source of funds for the internal loan.