The University of Virginia’s Board of Visitors approved Friday a short-term loan of up to $10 million, which was requested by the university on behalf of the athletic department to help fund the indoor football practice facility project. The decision ensured the project remains on track to begin construction at some point in late spring or early summer 2012.
Jon Oliver, the school’s executive associate athletic director, said in an e-mail Monday that the athletic department has raised roughly $2.5 million in hand and $11 million in committed pledges toward the $13 million project.
The department has to have 50 percent ($6.5 million) in hand by the start of construction, which is why the internal loan was necessary. The loan is considered tax-exempt debt and must be paid back in full within five years.
Oliver said the 78,000-square-foot field house structure is scheduled to be completed in February 2013.