More than $239 million in bond sales were secured by the Colorado State University System Thursday for construction of the new on-campus stadium, according to a press release. The bonds sold in less than 90 minutes.
$220 million of the bonds will be used toward construction, which is set to begin this summer. The remainder will be used toward interest payments on the bonds before construction of the facility is completed. The interest rate of the bond package was 3.57 percent, according to the press release.
“The CSU System continues to be well positioned financially to complete the strategic infrastructure improvements that are required to support growth on the Fort Collins campus,” said Chief Financial Office of the CSU System, Richard Schweigert, in the press release.
The University is planning to issue another round of bonds at $160 million for other construction projects on campus, including the new medical center, additional parking, relocation of the Plant Environmental Center and a biology building.
The new stadium will be built on West Lake Street and Meridian Avenue, with a capacity of 40,000 spectators. The stadium will open in time for the 2017 football season.
Collegian Assistant News Editor Christina Vessa can be reached online at email@example.com or on Twitter at @chrissyvessa.