Nevada Board of Regents approve loan for new UNLV football facility
A committee of the Nevada Board of Regents has approved a nearly $16 million loan that will allow for construction to begin.
The committee approved the loan with a vote of 4-2 Thursday in Elko that would allow for construction to begin by December. The split vote showed that there were still concerns about the project. This loan will help bridge the gap between the $6.4 million that has been raised as of July 31, and the $22 million needed to start construction. University officials hope that the new facility will also help recruitment for the UNLV football team who just came off of the biggest upsets in college football history.
“I see the importance of it for the football program, and the need for it to flourish,” said Regent Trevor Hayes, who voted against the measure. “But I don’t have a great deal of confidence in any of the numbers.”
The project is projected to cost $28.5 million to complete, however President of UNLV Len Jessup has said that donor pledges are up to $19.4 million. UNLV hopes that the loan will be repaid for over the next five years with donor support.
The measure will go in front of the entire board today as a consent item.