BLACKSBURG — Virginia Tech’s Board of Visitors is expected to approve a request for additional funding for the student-athlete performance center project when it hosts a meeting of the executive committee next weekend in Richmond.
The athletic department is seeking an addition $3.735 million in supplemental funds (increasing the total budget to $20.417 million.) for the project after receiving construction bids in June. The request doesn’t impact the university’s timeline for the project with construction expected to get under way in the coming weeks and a targeted completion date in fall 2020.
“The university and the Athletics department have reviewed the project bids, analyzed opportunities for cost controls, and determined an additional $3.735 million is required to deliver the necessary scope for this project,” the board materials state. “The complicated logistics required for this project, including partial occupancy during construction and football practices adjacent to the site, are the main drivers of the increased costs.”
The board approved the project in March 2018 with a $15.165 million budget. The university received a $15.2 million donation for the project in December 2017. The resolution included a provision that allowed the university to increase the budget up to 10 percent ($1.517 million). The athletic department committed to raise that additional funding in the full amount in June 2018.
The new student-athlete performance center is set to replace the Jamerson Athletic Center’s Bowman Room, which has existed since 1982.
“This project includes a complete renovation and expansion of the fourth floor of the Jamerson Center, construction of a balcony cantilevered from the fourth floor, and a new elevator tower,” previous board material stated. “The project will provide approximately 17,000 square feet for dining, nutrition, recruiting, donor hospitality, and allow for a seamless transition to the Cassell Coliseum concourse.”
According to the board materials, the university has developed a financing plan (five-year loan) for the newest round of funding.The athletic department will seek to raise additional private funding to repay the loan and any amount not covered by donations will be repaid out of the department’s operating revenues.
Virginia Tech’s board has the authority to approve “the budget, size, scope, and funding of non-general fund capital outlay projects” based on the 2006 Management Agreement between the Commonwealth of Virginia and the university.