GROUP SET TO FUND MATADORS FACILITY.Byline: Rizza Yap Daily News Staff Writer In response to cries by coaches, players and Big Sky Conference officials that Cal State Northridge needs to upgrade its sports facilities See:
The proposal is spearheaded by entrepreneur and country western music producer Mark Steele, president of the eight-member group of local investors called the Valley Sports Authority Sports Authority is the USA's largest full line sporting goods retailer. The company is headquartered in Englewood, Colorado. It operates over 400 stores in 45 U.S. states under the Sports Authority name. Total sales for the fiscal year ending January 29 2005 were $2.44 billion. . In 1995, Steele submitted a plan for the development of the North Campus property that received some consideration by administrators but was eventually passed over because of cost and risk to the university, he said. This time, Steele said, his ``no risk, no investment'' proposal is tailored to address the school's needs and concerns. Debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay is expected to fund $75 million of the project. VSA VSA (in New Zealand) Voluntary Service Abroad is asking Northridge to act as a co-signer on the loan. However, Steele said, VSA will find a guarantor guarantor n. a person or entity that agrees to be responsible for another's debt or performance under a contract, if the other fails to pay or perform. (See: guarantee) GUARANTOR, contracts. He who makes a guaranty. 2. (i.e., a bank or real estate investment trust) to eliminate the school's exposure to risk. Should VSA meet financial trouble, lenders would pursue the guarantor instead of Northridge, he said. A bulk of the remaining $15 million needed to complete the project will be financed by joint fund-raising activities between Northridge and VSA. Steele submitted copies of the proposal to Wilson, athletic director Athletic director (commonly, "athletics director") is a position at many American colleges and universities, as well as in larger high schools and middle schools, which oversees the work of the coaches and related staff involved in intercollegiate or interscholastic athletic Paul Bubb, director of facilities and planning Frank Wein and assistant athletic director for development Michael Rehm. Bubb said Friday night that he has not yet read the lengthy proposal. He did meet with the university's budget advisory board Friday afternoon, however. He made an hourlong hour·long or hour-long adj. Lasting an hour: an hourlong television episode. Adj. 1. presentation about athletics, including a four-minute talk about facilities. ``I told the board that the future of athletic revenues is dependent upon what we can do with facilities,'' Bubb said. ``But at this point, I am most concerned with stabilizing the annual (athletics) budget.'' The plan calls for a 10,000-seat arena (cost: $35 million), a 10,000-seat football stadium ($11 million), a 2,500-seat baseball stadium ($3 million), a volleyball volleyball, outdoor or indoor ball and net game played on a level court. An upright net, 3 ft (or 1 m) high, the top of which stands 8 ft (2.43 m) from the ground for men, 7 ft 4 1/8 in (2. center ($2.5 million), a health club, restaurants and retail stores.The project will take approximately two years to complete, Steele said. VSA proposes to pay a minimum $500,000 rent to the university, share revenues from food sales and parking, shoulder maintenance and grounds keeping, and maintain insurance. |
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