University Financing - If you want to educate yourself

[RightSaidFred]

Couple of points. Most of the building going on in Miami is either in downtown/Brickell area or on the water. This is the City of Miami, not Coral Gables. However, with the traffic around town, I am not sure some of the other sites are feasible either. The space needed for a 25k soccer stadium is different from what we would need.

The only way a stadium is going up on campus from a footprint perspective is if they fill in the lake. That is not happening for a multitude of reasons. Even if the school were to want to do this, which they would not, there is a 0% chance the city of Coral Gables would allow it from a traffic perspective. We still have space for a couple of thousand more seats in the basketball stadium that we cannot use because the city will not permit more than the number of seats we have now. Where Miami carries more weight is at the county level, as we are a huge employer. However, a very minute percent of those employees live in CG or spend money in CG. UM also nearly put Jackson under with its asinine UHealth plan, so I am not even sure it has much good grace with the county at this point.

Your example of the Giants Stadium above... that was part of their Olympics bid and was going to be built on a platform above the rail yards on the west side of the city. One, that is a feasible task from a space and engineering perspective. Two, the city actually supported it, as it was key to the Olympics bid.

This is a well thought-out response. Clearly there are hurdles. But I haven’t read one yet that is insurmountable, as long as the will is there.

For example, a stadium wouldn’t have to be built in Coral Gables. There are plenty of areas close to campus that are not in the Gables.

The old orange bowl site, for example, is linked to campus by the metro rail. That would be the most obvious location.

But there are others. Do any of us know what land the university already owns? Someone mentioned tropical park, someone else mentioned an area around the zoo. I don’t know what they own, but most universities do own land for future development, and I would be surprised if UM didn’t have something in their back pocket.

As far as building on campus - I’m not saying that they should. I’m saying that they could, if the will was there to do it.

Personally, I think UM should come up with a 10 year plan to build a stadium near the old orange bowl. That would make the most logical sense from a bird’s eye perspective.

It can be done.

 

[RightSaidFred]

This dude is a total fraud. If he does have an Ivy MBA it's because his parents wrote a check. Guy consistently has absolutely no idea what he's talking about and never thinks things through.

I've known dumb MBA's, but no one near this stupid.

I got a 770 on my GMAT, so that probably helped. But yes, my family did pay for my tuition, in cash.

I’m not going to apologize for my success, or my family’s.

I’m going to put some advice out there, which I’m sure you’ll be too proud to take... the biggest difference between successful people and those who aren’t is this: successful people have vision, drive, and look for ways to get things done. They overcome hurdles.

Sitting around thinking of reasons we can’t do things, like some of you are, is what middling people do.

Success is an act if sheer will.

If you’re on the same career track as people with Ivy League MBA’s, then I applaud you. You must have some drive and ambition that isn’t showing through in this thread, but that must show through in your work.

Some of the smartest people I’ve ever met have had very little formal education. I respect that.

 

[Rellyrell]

Real question: How are the Marlins doing in their stadium? I know there was a rumor they could move during last season. Is that still a hot topic, as I don't follow them.

 

[RightSaidFred]

I'll be doing another post on the whole stadium situation. Seems like 80% of this board thinks Miami can just write a check for a billion dollars and have a stadium drop from the sky to a convenient location near campus that we all of a sudden magically own.

That’s not how financing works.

 

[RightSaidFred]

Because they are generally considered within the currently approved use. The platting alone would take years.

Those buildings you mentioned don't drive additional traffic trips.

A stadium? Coral Gables will seceed from the Union before a stadium is ever approved.

I wish Miami had its own facility, its just not in the cards.

Should have been built in 40s, wasnt, opportunity forever missed.

Where there’s a will, there’s a way. That’s always true.

But, again, I don’t think on campus is the best place for a stadium. Not because we couldn’t build one there, but because it would be impractical from a traffic standpoint, and it would be inferior to sonething we could get built off campus.

 

[TheEye]

Plus we’re the only university in America that has to rent a **** stadium.

While true, we also only pay for the games we use it for. Most schools own an empty stadium for most of the year and have to pay for the mortgage and upkeep. Events are tricky as, while they contribute revenue they are also an additional expense and additional wear.

 

[Jaromir Jagr]

I was replying to a post that said the city of coral gables wouldn’t allow a girl’s school to build a gym. I’m pretty sure our IPF if s bigger project than the girl’s gym, right?

The point was just that UM can build stuff on its campus.

The new dorms are another example.

Or should we never expect another building to go up on campus, because coral gables won’t allow it?

Are you not aware that we couldn't even put all of the new seats into the basketball arena because the city wouldn't allow that capacity? And you think they're going to allow something to go up that will bring 60,000 people to the area?

 

[Jaromir Jagr]

No other school touches their endowment.

Please tell me this came out incorrectly.

 

[Hemsleysalmons]

Can someone explain to me how an on campus stadium or a new stadium somewhere in Dade County would make the Canes a better football team. Last year when we won 10 straight games we had some great crowds at hard rock stadium. Do you think an on campus stadium would have resulted in us winning more games this year? The U administration has no interest in owning a stadium. We won 5 championships in a run down monstrosity OB. With an elite coach, he will recruit elite players and we can win ships playing in Hard Rock. Problem is the intent of the powers that be. They basically don’t give a crap about athletics.

 

[TheEye]

Can someone explain to me how an on campus stadium or a new stadium somewhere in Dade County would make the Canes a better football team. Last year when we won 10 straight games we had some great crowds at hard rock stadium. Do you think an on campus stadium would have resulted in us winning more games this year? The U administration has no interest in owning a stadium. We won 5 championships in a run down monstrosity OB. With an elite coach, he will recruit elite players and we can win ships playing in Hard Rock. Problem is the intent of the powers that be. They basically don’t give a crap about athletics.

I honestly only see an advantage for recruiting, and even that is questionable. I don't think many recruits snub UM for FIU or FAU due to the on campus stadium.

 

[Hemsleysalmons]

I honestly only see an advantage for recruiting, and even that is questionable. I don't think many recruits snub UM for FIU or FAU due to the on campus stadium.

Many large major city colleges do not play in on campus facility or their own stadiums. For instance usc and UCLA. Better to pay rent for 6 home games than carry the burden of a tens of millions expenditure in a building that will be used only 6 days a year. Great majority of colleges in smaller towns and it was necessary to have their own stadium.

 

[Canedude08]

This is a well thought-out response. Clearly there are hurdles. But I haven’t read one yet that is insurmountable, as long as the will is there.

For example, a stadium wouldn’t have to be built in Coral Gables. There are plenty of areas close to campus that are not in the Gables.

The old orange bowl site, for example, is linked to campus by the metro rail. That would be the most obvious location.

But there are others. Do any of us know what land the university already owns? Someone mentioned tropical park, someone else mentioned an area around the zoo. I don’t know what they own, but most universities do own land for future development, and I would be surprised if UM didn’t have something in their back pocket.

As far as building on campus - I’m not saying that they should. I’m saying that they could, if the will was there to do it.

Personally, I think UM should come up with a 10 year plan to build a stadium near the old orange bowl. That would make the most logical sense from a bird’s eye perspective.

It can be done.

Why would Miami spend hundreds of millions of dollars, to build a stadium that isn't adjacent to campus? What's the **** point? Miami gets a solid chunk of the revenue from playing at Sunlife, and they aren't responsible for upkeep, or booking events to keep the lights on. The ONLY way the University would go along with spending that kind of money is if the stadium is either on campus(Which isn't happening due to a lack of space), or directly adjacent to. Think about how much it would cost for Miami to buy enough land in either South Miami(Buying out those CG houses behind frat row and the like isn't happening, period), to place a 50,000 seat stadium....Oh, and UMiami won't be able to claim eminent domain like a state school could either.

 

[Consigliere]

Please tell me this came out incorrectly.

Did you attempt to follow the convo?

 

[Fluffhead]

This is a well thought-out response. Clearly there are hurdles. But I haven’t read one yet that is insurmountable, as long as the will is there.

For example, a stadium wouldn’t have to be built in Coral Gables. There are plenty of areas close to campus that are not in the Gables.

The old orange bowl site, for example, is linked to campus by the metro rail. That would be the most obvious location.

But there are others. Do any of us know what land the university already owns? Someone mentioned tropical park, someone else mentioned an area around the zoo. I don’t know what they own, but most universities do own land for future development, and I would be surprised if UM didn’t have something in their back pocket.

As far as building on campus - I’m not saying that they should. I’m saying that they could, if the will was there to do it.

Personally, I think UM should come up with a 10 year plan to build a stadium near the old orange bowl. That would make the most logical sense from a bird’s eye perspective.

It can be done.

You keep saying the old Orange Bowl site. That is now Marlins Park. So cross that one off. UM does not own Tropical Park. Either the city or county does. I really don’t want this to come off in a rude way but you are just throwing **** out and none of it really makes sense.

I will say this, financially I do think it could be viable. UCF’s stadium cost $50-60M. That is not the issue. It is quite literally everything else.

 

[Canesfan101]

I think we found one of our bag men, and the reason why we can’t drop SEC bags...

 

[Jaromir Jagr]

Did you attempt to follow the convo?

I followed the whole thing, and that statement was so absurdly incorrect that I assumed it had to be a mistake.

 

[Fluffhead]

Why would Miami spend hundreds of millions of dollars, to build a stadium that isn't adjacent to campus? What's the **** point? Miami gets a solid chunk of the revenue from playing at Sunlife, and they aren't responsible for upkeep, or booking events to keep the lights on. The ONLY way the University would go along with spending that kind of money is if the stadium is either on campus(Which isn't happening due to a lack of space), or directly adjacent to. Think about how much it would cost for Miami to buy enough land in either South Miami(Buying out those CG houses behind frat row and the like isn't happening, period), to place a 50,000 seat stadium....Oh, and UMiami won't be able to claim eminent domain like a state school could either.

Don’t know where your hundreds of millions number is being pulled from, but UCF just built theirs for $54. Plus, UM can still use tax exempt bonds to build if they so wished, so they wouldn’t have to pay it all up front.

The eminent domain argument is equally absurd and without any form of logic. I don’t think you actually have any idea what goes into eminent domain or how infrequently it is used, let alone with a state university, but the words sound nice and make sense in theory!

With all of that being said, we will not be building one, but for neither of those reasons.

 

[RightSaidFred]

You keep saying the old Orange Bowl site. That is now Marlins Park. So cross that one off. UM does not own Tropical Park. Either the city or county does. I really don’t want this to come off in a rude way but you are just throwing **** out and none of it really makes sense.

I will say this, financially I do think it could be viable. UCF’s stadium cost $50-60M. That is not the issue. It is quite literally everything else.

There is room next to marlins park for a stadium. The Beckham group looked at this a couple years ago but decided against building on “sacred ground.”

The city had drawn up plans for miami to build a football stadium there years ago, back in 2010 I believe. Nothing ever came of it.

 

[Consigliere]

I followed the whole thing, and that statement was so absurdly incorrect that I assumed it had to be a mistake.

It was sarcasm.

All schools use their endowments.

It is not unique to UM to use their endowment.

Just like the financial crisis was not unique to the performance of UM’s endowment.

 

[Bovert]

This is not necessarily a terrible idea. No idea how NCAA legalities would impact it, but I could see a way that fans donate to a general fund that is ultimately used to solicit recruits.

Get the donations rolling and I'll manage it.

Get this going and we’ll start keeping elite talent home. This is how the SEC does it.