$5 million increase approved in basketball development facility budget
The new basketball development facility’s budget was increased to $25 million from $20 million.
The $5 million is coming from the Student Fee account earmarked for football and basketball, said Executive Vice President for Administration and Finance Carl Carlucci at today’s Administration and Finance committee meeting before the Board of Regents in the Student Center South ballroom.
Athletics Director Mack Rhoades said that the program is “still raising money for the facility.” Currently, $20 million of the $25 million budget is coming from donations.
“There was really never a change in scope (of the facility),” said Rhoades. “We had to deal with some escalated construction costs.”
The facility, which is projected to be completed in October 2015, however Rhoades said that the project may “go a little longer” than expected.
“Unfortunately we’ve experienced… too many rain days,” said Rhoades.
Carlucci said that steel “is going up now” in the facility, and that the construction schedule suffered from rain delays when they were laying down the foundation.
“Construction costs in Houston (have) flattened out currently, and it looks like construction costs may even trend downward in the near future,” said Rhoades.
After the development facility is complete, the department is expected to turn its attention toward Hofheinz Pavilion. The University is in the midst of a feasibility study that will help it determine the structure’s future.
The feasibility study is expected to be completed in mid-March. The Board of Regents Audits and Compliance committee will meet later today to present a summary update on an internal audit being conducted on any possible violations of the Memorandum of Understanding agreement with the student body. The MOU was approved in 2012 and allocated a portion of the Student Service fee to funding the renovation of Hofheinz Pavilion.