CCU's move to Sun Belt hitting funding snag

[dbackjon]

Coastal Carolina University plans to pitch a cost revision for its football stadium expansion project as it meets yet again with the South Carolina Commission on Higher Education this week in its latest attempt to gain phase two state approval.

The university hopes to learn Thursday if it can finally move forward with its plans to more than double the size of Brooks Stadium in preparation for the Chanticleers’ move to the Sun Belt Conference and the NCAA’s Football Bowl Subdivision, but in the meanwhile, school leaders have already learned that they are dealing with an entirely new vetting process for such projects.



If the unexpected delays in approval to this point didn’t make that clear, CHE chairman Tim Hofferth certainly did in a recent interview with The Sun News.

“These people who are on the commission who are asking the questions, they’re sharp and they know the trends in this [field]. They have a broader perspective. They don’t care about what the precedent has been in the past; they care about where we are right now,” Hofferth said. “We shot the CHE. It’s dead. This is the new CHE.”

Hofferth talked for more than an hour about how the CHE has restructured itself in the wake of South Carolina State University essentially declaring bankruptcy last year and the resulting pressure from state leaders.

Read more here: http://www.myrtlebeachonline.com/sports ... rylink=cpy

[Ibanez]

Coastal Carolina University plans to pitch a cost revision for its football stadium expansion project as it meets yet again with the South Carolina Commission on Higher Education this week in its latest attempt to gain phase two state approval.

The university hopes to learn Thursday if it can finally move forward with its plans to more than double the size of Brooks Stadium in preparation for the Chanticleers’ move to the Sun Belt Conference and the NCAA’s Football Bowl Subdivision, but in the meanwhile, school leaders have already learned that they are dealing with an entirely new vetting process for such projects.



If the unexpected delays in approval to this point didn’t make that clear, CHE chairman Tim Hofferth certainly did in a recent interview with The Sun News.

“These people who are on the commission who are asking the questions, they’re sharp and they know the trends in this [field]. They have a broader perspective. They don’t care about what the precedent has been in the past; they care about where we are right now,” Hofferth said. “We shot the CHE. It’s dead. This is the new CHE.”

Hofferth talked for more than an hour about how the CHE has restructured itself in the wake of South Carolina State University essentially declaring bankruptcy last year and the resulting pressure from state leaders.

Read more here: http://www.myrtlebeachonline.com/sports ... rylink=cpy

This has been going on for a while. I was following it over on Coastalfans but the thread was....insane.

I think it'll get resolved but it's going to take some time. SCSU and its problems have screwed all the schools in SC with delays that go beyond things like a stadium expansion.

[dbackjon]

South Carolina CHE votes no on Coastal Carolina’s latest stadium expansion proposal

The Commission on Higher Education voted 9-4 against CCU’s latest pitch for state approval of its football stadium project

CHE reiterates that it wants to see more private money involved in the project

Coastal Carolina can bring the matter back for the CHE’s next meeting in June

Read more here: http://www.myrtlebeachonline.com/sports ... rylink=cpy

[dbackjon]

“We did make the commitment to the Sun Belt Conference, which requires the stadium expansion. Our failure to meet that commitment could result in a number of things, the first being the negative media coverage that will hurt Coastal Carolina University for years,” DeCenzo continued in his opening address. “We have contracts with power-five schools which will pay us over $1 million per game; without being FBS we will never see that money, and worse yet we may have to break those contracts, which would result in a financial liability to us.

“But most importantly are the 25 recruits that we signed this year, eight of whom are from South Carolina. They start Coastal in the fall. Our failure to move this project along means our inability to meet NCAA requirements is in jeopardy, as would be our FBS standing. As a result we’d have to tell those 25 athletes that we cannot afford them the full scholarship they were promised when they signed with Coastal Carolina University. That to me would be the biggest tragedy of all.”

The Chants are not quite to that point yet, but the longer this process drags on, the tougher it is going to be to stay on any sort of anticipated timeline and the more serious the questions become.

Read more here: http://www.myrtlebeachonline.com/sports ... rylink=cpy

[clenz]

Has the SBC put a deadline on them for this project?

[93henfan]

Man, that doesn't sound like fun... belt.

[Ibanez]

It's all political. The CHE representive from Coastals region doesn't exist (vacant seat which has yet to be filled) so you have a bunch of other people that care more about USC, Clemson, SC State and The Citadel.


Oh and this is for USC.
http://www.saturdaydownsouth.com/sec-fo ... -spurrier/

Next year, construction for a $50 million football operations center will start.

[Ibanez]

CHE wants more private money involved, and I can't blame them considering the budget and what not.

However, USC provides $4M and they gat a $50M football operations center?

Coastal reduces the budget by 21% to $29.9M and authorize up to $5M from a reserve fund to be used. We've gone through this 4 times with the CHE and they STILL want more money upfront. I get it...but the CHE has been stringing CCU along for almost a year.The CHE wants "significant private funding" but won't say what that is. $5m? $10M?

[SuperHornet]

Can CCU sue the CHE given the obvious disparity? A comparison to "taxation without representation" seems applicable here....

[Ibanez]

Can CCU sue the CHE given the obvious disparity? A comparison to "taxation without representation" seems applicable here....

No.

[clenz]

Can CCU sue the CHE given the obvious disparity? A comparison to "taxation without representation" seems applicable here....

[Ibanez]

Can CCU sue the CHE given the obvious disparity? A comparison to "taxation without representation" seems applicable here....

There's not enough deodorant to deal with him...

[ASUG8]

Sounds like your coach needs to get out his checkbook.

[Ibanez]

Sounds like your coach needs to get out his checkbook.

hmmmmm. Checkbook you say....

[Ibanez]

This email was sent to, presumably, anyone that ever gave CCU their email address:

As you are probably aware, we have submitted our request for the Brooks Stadium expansion to the South Carolina Commission on Higher Education four different times, and at the latest presentation we were told that there are not enough private funds included with the request. While I am not going to express to you my personal opinion about the politics surrounding this project, I do think it is important that we, as a University, move forward with a determined resolve that we will get this done. Take my word for it; we will get this done!

We have committed to the Sun Belt Conference our start date of July 1, 2016, and this has not changed. Your board and the administration had every legal right, as per state statute and board by-laws, to accept the invitation from the Sun Belt, and we remain committed to moving this University to the next level both academically and athletically. While this may be a small bump in the road, we are committed to working with the CHE and the Joint Bond Review Committee to get this project approved.

The total project cost is $29.9 million with $2 million in upfront private donations. While only 6.7 percent of the upfront cost is being supported by private donations, close to 50 percent of the ongoing quarterly installment payments related to the bonds is being supported by recurring private donations. These private donations include support from the Chanticleer Athletic Foundation, athletic department revenue, suite ticket sales and other private donations. As a young University only 23 years old, we do not have the luxury of some of the bigger schools that have billion-dollar endowments or thousands and thousands of alumni waiting in line to throw money at anything we want to build before there is even a design. As such, we have always bonded out the necessary funds to construct a project, and then sold naming rights to the project after construction. This model has always worked, and we have a very strong track record in acquiring the funds on the back end.

However, the CHE made it loud and clear at our last presentation that until we can prove that we have the necessary private funding, we will continue to struggle in convincing a majority of commissioners to vote for our project. That’s where you, the stakeholders in CCU, need to get involved. What would it take to raise $5 million dollars for this cause? Sure, we could sit and wait on one wealthy donor to come in and cut us one big check, but realistically, that may not happen in time for us to be ready for the 2018 football season. That’s why I am appealing to everyone. If each of us could commit to some amount over the next 10 years, no doubt we could quickly raise $5 million. Look at it like this: It would take only 100 stakeholders to commit to contributing $5,000 per year for 10 years and we would have the $5 million. Or, if you could contribute more, I would ask that you join my wife Stacy and me and commit to naming something at the expanded stadium with a donation of $25,000, $50,000 or more.

This new football stadium expansion belongs to our local community. The economic impact of an additional 10,000 seats and playing better teams that travel in large numbers is immeasurable. We all need to get involved, and get involved now. If you would like to help, I ask that you contact Chris Johnson, executive director of the Chanticleer Athletic Foundation, at 843.349.2466 or cjohnson@coastal.edu, and sign a pledge for any amount you can. No amount is too small. But the longer we wait to provide the private funding that CHE is looking for, the longer the stadium expansion will be delayed. Without the expansion, we will not be able to reap the benefits of full Sun Belt membership and FBS football. Join me, your board of trustees and your administration in committing to moving our University to the next level.

Go Chants!

D. Wyatt Henderson CPA, CFF, CFE
Class of 1998
Board Chair, Coastal Carolina University

[clenz]

Did he really use 5,000 per year as the minimum example of getting there?

Holy fucking out of touch and desperate.

[Ibanez]

Did he really use 5,000 per year as the minimum example of getting there?

Holy fucking out of touch and desperate.

He makes a point about our base and endowment. I emailed the guy last night and suggested that the send a link where people can make donations instead of the ole, " email this guy. It's legit. " line. I'll make a donation, but i'm not going to email information to some guy.

[Ibanez]

Frustrated that the CHE continues to withhold phase two state approval for the project, most recently denying it with a 9-4 vote last week in Columbia, the website CoastalFans.com has launched a petition to Gov. Nikki Haley that had already garnered more than 1,300 signatures as of Thursday evening.

“We, the undersigned, express our support of Coastal Carolina University’s request for expansion of Brooks Stadium and ask that Governor Nikki Haley intercede on behalf of the University,” the petition states.

Read more here: http://www.myrtlebeachonline.com/sports ... rylink=cpy

[clenz]

Did he really use 5,000 per year as the minimum example of getting there?

Holy fucking out of touch and desperate.

He makes a point about our base and endowment. I emailed the guy last night and suggested that the send a link where people can make donations instead of the ole, " email this guy. It's legit. " line. I'll make a donation, but i'm not going to email information to some guy.

The thing is, the point he's making about how small the fan base, alumni base and endowment is makes him sound like a whiny little cunt.

"THE STAT IS BEING MEAN AND NOT GIVING US MASSIVE AMOUNTS OF MONEY! WE CAN'T DO THIS VOLUNTARY MOVE THAT WILL COST MILLIONS OF DOLLARS ON OUR OWN BECAUSE WE HAVEN'T PROVEN THAT OUR ALUMNI BASE CAN BUILD A SUSTAINABLE ENDOWMENT WHERE WE CAN ACTUALLY AFFORD THIS SO THEY SHOULD JUST GIVE US THE MONEY! NEVER MIND THAT IS ESSENTIALLY THE EXACT SAME TYPE OF THING THAT CAUSED THE HOUSING CRASH! QUIT BEING MEAN!"

I know what he's trying to accomplish but he's talking in circles, and to an outsider, is coming across pretty cunty.

[clenz]

Frustrated that the CHE continues to withhold phase two state approval for the project, most recently denying it with a 9-4 vote last week in Columbia, the website CoastalFans.com has launched a petition to Gov. Nikki Haley that had already garnered more than 1,300 signatures as of Thursday evening.

“We, the undersigned, express our support of Coastal Carolina University’s request for expansion of Brooks Stadium and ask that Governor Nikki Haley intercede on behalf of the University,” the petition states.

Read more here: http://www.myrtlebeachonline.com/sports ... rylink=cpy

Then maybe those 1,300 should give more money to make it happen.

Also, if only 1,300-2,000 are willing to fight for the stadium it really is proving the point that "Um...are you sure you have the fan base/alumni base, donors and existing money to make this move and pay for the stadium"

[clenz]

I'm not in the CCU is dumb for doing this camp. I'm not in the they are going to fail camp. I am firmly in the "Holy shit this is really rushed and doesn't seem to be real well thought out and planed" camp.

This is really a shoot first, second, third, and fourth and then ask for forgiveness and permission later type deal

[Ibanez]

I'm not in the CCU is dumb for doing this camp. I'm not in the they are going to fail camp. I am firmly in the "Holy shit this is really rushed and doesn't seem to be real well thought out and planed" camp.

This is really a shoot first, second, third, and fourth and then ask for forgiveness and permission later type deal

We're trying. we've got some famous alum. Michael Kelly, who plays Doug Stamper on House of Cards, has sent the message out to support CCU. I hope he donates. He drops CCUs name occasionally. Mike Tolbert, Josh Norman, Dustin Johnson, etc... they've got some weight and maybe they can help get us there.

[Ibanez]

Meanwhile, not that it's the same situation, a high school in Texas is building a $63M stadium. Jesus!!

[93henfan]

This email was sent to, presumably, anyone that ever gave CCU their email address:

...As a young University only 23 years old, we do not have the luxury of some of the bigger schools that have billion-dollar endowments or thousands and thousands of alumni waiting in line to throw money at anything we want to build before there is even a design...

Let me tell you from personal experience, your school can be 273 years old, have a nearly $1.5B endowment, 160,000 living alumni, and big fish donors....

And if you have an admin that doesn't give a fuck about football, then none of that matters.

[Ibanez]

This email was sent to, presumably, anyone that ever gave CCU their email address:

Let me tell you from personal experience, your school can be 273 years old, have a nearly $1.5B endowment, tens of thousands of alumni, and big fish donors....

And if you have an admin that doesn't give a fuck about football, then none of that matters.

The admin is all in.


It's CHE, the same people that allowed SC State to nearly go bankrupt. It's political. They've been careless for decades so the first new business (Coastal's expansion) is going to be run through the ringer.

And it's not tax dollars. It's bonds. CCU has done this every time and they've always been approved.