The University of Utah board of trustees approved a $39.1 million renovation to Rice-Eccles Stadium Tuesday.
The approval allows the U. and Crimson Brand Partners, the university’s new for-profit company, to move forward with the project, which will largely focus on upgrading suites, as reported by The Salt Lake Tribune.
The total construction cost for the project is $27.56 million, according to a presentation shown to the trustees on Tuesday. The additional $12 million will cover “soft costs,” which include design, legal and insurance expenses.
The U. and Crimson Brand Partners are paying for the renovation with capital expenditure (CapEx) funds from their recently struck deal with New York-based private equity firm Otro Capital, according to a source.
As part of the deal, the U. preallocated funds for certain capital improvements, the source said. Those improvements include the Rice-Eccles Stadium renovation.
Read the full article by Jason Batacao at sltrib.com.
This article is published through the Utah News Collaborative, a partnership of news organizations in Utah that aims to inform readers across the state.