By Kevin Lavery, KMWU
St. Louis, Mo. – Saint Louis University is launching a campaign to raise $45 million in private donations to help pay for a new university arena.
The total cost of the project is $80 million, with the remainder coming from selling revenue bonds and city-backed economic development incentives. The St. Louis Board of Alderman has already approved a $15 million tax increment financing (TIF) plan.
The 12,000 seat arena would be used to athletic and religious events, as well as graduation ceremonies. Joe Adorjan, the chair of SLU's Board of Trustees, says having the arena in Grand Center or on campus will make a tremendous difference in recruiting athlets, almuni donations, and as a catalyst for the student body.
Officials hope to complete fundraising in eight months; construction would take two years after that.