Temple University in Philadelphia is moving forward with plans for a new on-campus football stadium.
The public university's board of trustees voted unanimously Monday to approve a $1 million stadium design and environmental impact study. The resolution states that the stadium would have around 35,000 seats with costs not exceeding $130 million. Financing for the project, which would also include a student recreation building and a retail presence, would include a fundraising goal of $50 million with the rest financed through bonds.
Temple currently plays eight miles from its campus at Lincoln Financial Field, which is home of the National Football League's Philadelphia Eagles. The university expects that cost reductions and revenue enhancements from the stadium would result in net savings of around $3 million annually through 2014 compared to its current lease agreement. Bonds for the project would be supported by money that would otherwise be paid to rent the Eagles' stadium, according to university officials.
"Having our own stadium will help showcase our vibrant campus as we celebrate Temple's accomplishments on and off the field," said the university's president, Neil D. Theobald, in a statement. "At the same time, the retail components we envision for this property will contribute to North Philadelphia's growing economy and the renaissance along North Broad Street."
University officials said the retail and stadium complex is envisioned for a property within Temple's existing footprint on a site bounded by Broad Street to the east, Norris Street to the north, 16th Street to the west and Montgomery Avenue to the south. Philadelphia's new mayor, Jim Kenney, has previously expressed concerns about the stadium's impact on the surrounding neighborhood and has called on the Eagles to offer Temple better financial terms at Lincoln Financial Field.
"I met with Temple University leaders in December after I first publicly voiced my frustration over the Eagles financial arrangement with the University's football team," said Kenney in statement Tuesday. "I asked them to include the community in these decisions and, if they proceeded, in the positive economic impact. They need to find a solution that allows both the University and the long-time surrounding residents to win."
Temple is coming off one of its best football seasons ever with a 10-4 record and an appearance in the American Athletic Conference title game. The Owls had sellout crowds for home games against Penn State and Notre Dame.
Moody's Investors Service assigned Temple an Aa3 credit rating with a negative outlook in January for its outstanding revenue bonds due partly to operating challenges with Temple University Health System and its reliance on supplemental funding from Pennsylvania during a state budget impasse. Standard & Poor's assigned Temple an A-plus long-term rating in January. The university enrolls more than 37,000 students.
