This is what the University of Idaho’s basketball arena will look like
The State Board of Education on Wednesday approved a $5 million increase in the project cost for the ICCU Arena at the University of Idaho.
The Board previously approved a $46 million budget on March 14.
New Idaho President C. Scott Green requested the increased budget based on bid packages the university has received, according to State Board agenda materials.
Idaho has $17 million in cash on hand, including the $10 million from ICCU for naming rights, according to a State Board press release. The school also plans to use about $18 million in student fees toward the project. The increased cost is expected to create a $7.7 million gap between fundraising and the project cost, not including loan interest.
With interest, the university projects the arena will cost $84 million over 35 years.
The university still must request Board approval for its financing plan before bonds can be issued.
Idaho hopes to break ground early this summer and open the venue for the 2021-22 men’s and women’s basketball seasons. The arena plans call for 4,000 seats and a capacity of 4,200, including other areas such as the alumni room. It will be built primarily with wood products and will replace the lawn on the north side of the Kibbie Dome.