FSU trustees OK bond sale for Doak Campbell upgrades

Doak Campbell Stadium is on its way to get an $80-million makeover.

Florida State’s Board of Trustees on Friday unanimously approved issuing up to $85 million in bonds to pay for an anticipated $79.5 million project to update sky box suites, add a new premium outdoor seating section, make structural repairs and repaint the stadium.

The bonding authority exceeds the estimated project price tag to provide flexibly in the event costs rise, FSU officials said.

Construction is expected to begin in June and be complete by August 2016. Required approval of the project by the Legislature is expected to be secured during this session, the board’s resolution said. The Florida Board of Governors also must sign off on the plan. The debt will be secured by revenue from the Seminole Boosters from donations, games, royalties and other sources.

Nearly $45 million of the project cost would go toward the creation of an upscale club seating section with wider, more comfortable seats desired by diehard Seminole fans. The boosters have been selling the seats in advance of the project’s approval. Through Jan. 31, about 1,500 seats had been sold, with people paying $4.6 million so far.

The project, the board’s materials note, is seen as a way to create new revenue streams to be used to support FSU athletic programs that ultimately will result in better recruiting, coaching and “results on the playing fields.”

In addition to the club seating area, $9 million would be spent to improve sky box suites, adding air conditioning, wireless internet connections and other amenities. About $26.3 million would be spent on stadium repairs and painting.

The improvements are anticipated to generate $31.6 million over 30 years, FSU finance officials said.

During the meeting, trustees also discussed the need to plan for future renovations of the entire stadium.

Contact Jennifer Portman at jportman@tallahassee.com or follow her on Twitter @jmportman