UI arena gets higher budget

The University of Idaho will have more money to spend on the proposed Idaho Central Credit Union Arena project.

A quorum of the State Board of Education voted unanimously to increase the construction budget by $5 million to $51 million.

Incoming University of Idaho President C. Scott Green requested the extra money based on returning bid packages. Those bids reflected increased labor costs caused by a region-wide construction boom.

The University will finance $34 million through bonds and pay the debt over 35 years through increassed student facility fees, fundraising, and donations. There is $17 million in cash on hand including $10 million from the Credit Union. Over 35 years, with interest, the total cost will be $84 million.

An official financing plan must yet be approved before bonds can be issued. That request is expected to be made at some later date.