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Baylor approves The House That RGIII Built

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09:45 AM ET 07.21 | Baylor regents have given their approval to building a $250 million on-campus football stadium along the Brazos River. University regents Thursday unanimously approved the plan, contingent on the Waco City Council approving $35 million in public funds. City officials scheduled an Aug. 7 final vote on a measure to use tax increment financing zone funds. Baylor hopes to have the 45,000-seat facility ready for the 2014 season. The Bears currently play at Floyd Casey Stadium, which was built in 1950 and has maintenance issues. Baylor football drew intense attention last season as quarterback Robert Griffin III went on to win the Heisman Trophy. Griffin on Wednesday signed a four-year, $21 million contract with the Washington Redskins.

Dallas Morning News

New Baylor football stadium conceptual drawing, New Baylor football stadium conceptual drawing,
July 21, 2012  10:00 AM ET

Strike while the iron is hot and land prices are down ...

July 21, 2012  10:14 AM ET
QUOTE(#1):

Strike while the iron is hot and land prices are down ...

Ive seen a lot of the drawings, can't wait to see a game there. Looks impressive

July 21, 2012  10:17 AM ET
QUOTE(#2):

Ive seen a lot of the drawings, can't wait to see a game there. Looks impressive

TCU is finishing up on a new retro stadium - I hope to attend a game this year.

Comment #4 has been removed
July 21, 2012  10:30 AM ET
QUOTE(#4):

OK, I give up. WTF are "tax increment financing zone funds"? Some variant of revenue bonds? Guaranteed by an automatic property tax increase in a specified zone if revenues from the stadium don't adequately service the bond debt? I confess I've never heard the freakin' term, but it's intriguing. What interest rate on the bonds, I wonder?................ Sorry, I think I just geeked out again.

You didn't study did you? That's what you get for attending a Div. I party school ...

July 21, 2012  10:33 AM ET
QUOTE(#3):

TCU is finishing up on a new retro stadium - I hope to attend a game this year.

I'm looking forward to TCU too. I have tix for the 0U game, just hope tv doesn't put UTx / KState at same time.

July 21, 2012  10:37 AM ET
QUOTE(#6):

I'm looking forward to TCU too. I have tix for the 0U game, just hope tv doesn't put UTx / KState at same time.

I used to get free tix for seats on the visitor's side ... when they were in the MWC. I'm assuming free tix won't be an option anymore.

July 21, 2012  10:38 AM ET
QUOTE(#4):

OK, I give up. WTF are "tax increment financing zone funds"? Some variant of revenue bonds? Guaranteed by an automatic property tax increase in a specified zone if revenues from the stadium don't adequately service the bond debt? I confess I've never heard the freakin' term, but it's intriguing. What interest rate on the bonds, I wonder?................ Sorry, I think I just geeked out again.

Tax rates are increased in a geographic area. Ie, in my hometown, they built a big town square with high end shops and restaurants. It's about a 2 sq mile section that has a .5% higher tax rate than other parts of city.

Comment #9 has been removed
July 21, 2012  10:41 AM ET
QUOTE(#7):

I used to get free tix for seats on the visitor's side ... when they were in the MWC. I'm assuming free tix won't be an option anymore.

Prob not this year. They have some attractive games, and the one dud will be the grand opening against Grambling. Maybe IState in early Oct.

July 21, 2012  10:43 AM ET
QUOTE(#9):

OK, turns out "tax increment" means that when they build the stadium, nearby property values will increase, resulting in higher property values (at least theoretically), and therefore incrementally higher taxes. Also more business at shops and restaurants in the area, so incrementally higher sales taxes (this one's even shakier, IMO)The property and sales taxes on the incremental increase in real estate values and business revenues are pledged to secure bonds; the proceeds from these bonds are used to build the stadium................. Less intriguing all of a sudden.

You can go back to watching The Open

July 21, 2012  10:44 AM ET

Two things strike me about this proposed stadium.
1.) 45,000 seats seems to be pretty small for a Big 12 facility
2.) $35 million in local funds. Geesh, I thought only NFL teams had the clout to hold local governments hostage. What's Baylor going to do...threaten to move their team to LA?

July 21, 2012  10:51 AM ET
QUOTE(#12):

Two things strike me about this proposed stadium.1.) 45,000 seats seems to be pretty small for a Big 12 facility2.) $35 million in local funds. Geesh, I thought only NFL teams had the clout to hold local governments hostage. What's Baylor going to do...threaten to move their team to LA?

Baylor IS Waco. City knows this their only chance to get any type of tax revenue. It's such a small private school that's all they can fill. in a small town without a tshirt following. Kinda like Stanford rebuilding theirs to only 50k.

Comment #14 has been removed
Comment #15 has been removed
July 21, 2012  10:56 AM ET
QUOTE(#14):

1 - I guess the (green kool-aid induced?) thinking is that the stadium will draw significantly larger crowds, including people coming from D/FW and Austin, maybe OKC, Stillwater and Lubbock, will have a significant positive impact on the local economy.2 - I suspect the Waco city council is dominated by Bible Aggy alumni.

Can you still call them Bible aggy ? Maybe Bible-neers?

Comment #17 has been removed
Comment #18 has been removed
July 21, 2012  11:05 AM ET
QUOTE(#18):

Envy of you and Dr., wish I were close enough to see the new stadium and a TCU game, that sounds great!!!!!

TCU did it right. Dan Jenkins will be proud. Hopefully one of early games will pick up national coverage so you can see all the improvements.

 
Comment #20 has been removed

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