This resolution was passed by Temple University’s Board of Trustees at a special meeting Monday, Feb. 8, 2016.
WHEREAS, the officers seek authorization from the Board of Trustees of Temple University to pursue the development and construction of an on-campus, multi-purpose retail and football stadium project in the area bounded by Broad Street to the east, Norris Street to the north, 16th Street to the west, and Montgomery Avenue to the south;
WHEREAS, the officers and the Board consider important the potential economic benefits that flow from such a project, including increased retail opportunities for students, residents and the community at large, construction and operational jobs, and long-term increased economic activity in the North Philadelphia area;
WHEREAS, the officers and the Board agree that this project is of high interest to the North Philadelphia community of which Temple is a part;
WHEREAS, the University recognizes there are important considerations in any capital project with the day-to-day impact of the construction process, the issues of traffic flow and control, parking, noise, and other practical implications of such a large and complicated undertaking;
THEREFORE, BE IT RESOLVED that the Board of Trustees authorizes the officers to pursue the development and construction of an on-campus, multi-purpose retail and football stadium project, provided that:
The administration has represented to the Board that the cost reductions and revenue enhancements from an on-campus stadium will result in net savings of approximately $3 million per year through 2024, compared to the most recent lease extension terms proposed for the use of Lincoln Financial Field (savings beyond 2024 would depend on future lease extension terms proposed);
Such a football stadium would be expected to have a capacity of approximately 35,000 seats, consistent with the facilities of similarly-situated institutions;
The construction budget for the football facility shall not exceed $130 million, and the administration has represented that they will use all reasonable efforts to ensure that actual costs are equal to or less than this amount;
The administration will limit expenditures in furtherance of the project to an amount not to exceed $1 million (all of which will be subject to the ordinary approval process of the Board) until such time as necessary approvals relating to the project, including the closure of a portion of North 15th Street, have been assured or obtained;
The overall financing plan for the project will include a fundraising goal of $50 million and every effort will be made to minimize the amount of debt necessary to support the cost of construction;
AND BE IT FURTHER RESOLVED that this authorization is subject to and contingent upon (a) all capital expenditures, financing, and naming opportunities related to the pursuit of the project proceeding through the ordinary approval process of the Board, (b) positive collaboration with community and government representatives to address issues of concern to local residents, and (c) the University’s receipt of necessary permits and approvals relating to the project from applicable authorities.
Temple trustees approve funding for initial designs, studies of on-campus football stadium and retail project
New stadium a natural step