The Washington Post

Virginia Board of Directors approves $10 million loan to help fund indoor football practice facility

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.

sports Football

Success! Check your inbox for details. You might also like:

Please enter a valid email address

See all newsletters

Show Comments
Most Read

sports Football

Success! Check your inbox for details.

See all newsletters

Your Three. Videos curated for you.
Play Videos
From clubfoot to climbing: Double amputee lives life of adventure
Learn to make traditional soup dumplings
In defense of dads
Play Videos
How to make head cheese
Perks of private flying
The rise and fall of baseball cards
Play Videos
Husband finds love, loss in baseball
New hurdles for a Maryland tradition
How to survive a shark attack
Play Videos
Portland's most important meal of the day
What you need to know about Legionnaires' disease
How to save and spend money at college