Sun Dome Renovations
USF System trustees approve the plan to extend life of popular icon another 30 years.
By Lara Wade
TAMPA, Fla. (June 9, 2011) — The University of South Florida System Board of Trustees on Wednesday approved an internal financing plan to renovate the Sun Dome to give it 30 more years of use as an academic, ceremonial, rental and athletic facility. No educational money will be used -- the financing of a construction loan will be repaid through rental fees for the renovated center.
Known as the USF Arena & Convocation Center, the Sun Dome has reached the end of its effective service life primarily due to its age, a USF analysis showed.
Because the center is critical to student life and important ceremonies for the university, USF proposed renovating the facility immediately. This proposed renovation project will modify the existing 250,000-square-foot arena and extend its useful life for another 30 years. The total cost of the project and associated costs are not expected to exceed $35.6 million.
The university's financial analysis indicated that the most effective method to finance this project is internal financing using its available funds. In order to enhance the university funding on this project, up to $10 million in funds from the USF Foundation will be made available. In addition, USF Athletics will provide support towards the renovation.
The funding for this project will come from non-instructional sources and will be on a one-time basis. The renovated center is expected to generate sufficient revenues to fully repay all the funding that is utilized.
Lara Wade can be reached at 813-974-9060.