Saying a new stadium would be in keeping with his vision of what Colorado State University might look like 50 years from now, CSU president Tony Frank on Monday announced he will support the construction of a new on-campus structure.

“I think a well-maintained stadium located on the main campus, now with decades of tradition behind it, would be a great benefit to the university, providing a familiar venue for athletics, graduations, freshman convocations, band days, and other large events,” Frank said in a statement.

The decision brought a mixed reaction from the community — some students and business operators were excited about the new venture, but other people had serious concerns.

Brian Gray, manager of BeauJo’s Pizza in Old Town, said having a place for game-goers to eat without having to drive after potentially drinking would be great for the city and great for downtown Fort Collins businesses.

“I understand why some people are wary of the new stadium, but I honestly think it’s going to be great for businesses nearby,” Gray said.

But Deb Applin, a 19-year resident of Fort Collins who lives just south of the proposed new stadium site, said the money could be used instead to enhance CSU’s reputation academically.

“It’s just such a ridiculous idea. I can’t help but think that it’s a vanity issue,” Applin said.

The lead organization fighting to preserve the existing Hughes Stadium said it had done all it could to influence Frank.

“I’m sitting here and wondering what else we could have done. All of their arguments, the five reasons (CSU athletic director) Jack Graham used for wanting to build it, we researched and debunked,” said Bob Vangermeersch, a spokesman for Save Our Stadium Hughes. “For a grassroots group, we did a superb job, getting 10,000 signatures and making our arguments known.”

Referring to Frank’s insistence that half of the money has to be raised for construction to begin, Vangermeersch said, “The critical question is whether that money is cash in the bank and ready to spend or in pledges, because pledges don’t always materialize.”

Frank said he will recommend to CSU’s Board of Governors that the 42,000-seat, $250 million project not begin until at least half of the cost is raised through private funding.

“Before I would take any financing package to the Board of Governors for their consideration, I’d have to be extremely confident that the combination of philanthropy and financing against committed stadium revenues would cover the cost of the stadium,” Frank said. “At this point, the clearest path that I can envision is $125 million of philanthropic funds supported by stadium revenue commitments able to service $125 million of debt.”

Frank will meet with the Board of Governors on Thursday and recommend that the university begin fundraising and continue to the next phase of planning. The new facility is targeted for a location on the south side of campus near Lake and Whitcomb streets.

He said in his announcement that if the university has not identified a viable financing plan for the new stadium within two years, it will have to suspend the efforts and instead make investments in the existing Hughes Stadium to ensure it remains a viable option for Colorado State football.

The decision brings at least a temporary close to a nine-month process that began with the formation of a 17-member Stadium Advisory Committee. In August, the committee said stadium revenue commitments, including areas such as ticket sales, naming rights and luxury seating, could total $13 million to $26 million in the first year the structure was open.

However, one of the biggest opponents of the proposal, Save Our Stadium Hughes, hired Joel Maxcy, an economics professor from Temple University, to look at the Advisory Committee’s figures. Maxcy called the revenue projections “wildly optimistic.”

Frank said he liked the idea of “alumni returning to reconnect with the place they lived and learned, fans and their families coming to the campus around the event of a football game, and students enjoying an event — whether a concert or a commencement — in the space they call home for a wonderful, if short, period of their lives.”

One possibility that has always appealed to Frank are those game-day Saturdays, and perhaps a winning team to accompany them, being a conduit to appeal to those not familiar with the university.

Frank has found himself, like virtually every other university president around Colorado, dealing with the realities of dwindling funding from the state legislature. One way that colleges are making up that shortfall is to increase the number of out-of-state students, who pay higher tuition.

Student reaction was mixed, with some interviewed Monday excited about an on-campus stadium.

“I think it will build up the support and give people a reason to go watch,” said sophomore Connor Bemiller. “I think it’s a good choice. It’s a good opportunity.”

Others had reservations about traffic problems.

“I think it’s going to be really hectic,” said CSU sophomore Ashleigh Pautler, from the doorstep of her home that would gaze down the main road to the new facility. “It could be really cool, but there’s just nowhere for people to go.”

Jeff Jordan, manager of an Old Chicago restaurant in downtown Fort Collins, was optimistic but unsure of how a new stadium would affect his business.

“There are a lot of unknowns,” Jordan said. “We do well after the games now — I don’t know if that will change much.”

Another uncertainty for residents is how much noise and congestion would arrive with the revelers that the stadium would bring. While both sides presented arguments for their case during the lead-up to Frank’s decision, neither could provide a definitive answer.

“I understand that parking and traffic will be challenges that we’ll need to work closely with the city to address,” Frank said in his statement. “But I return to the fact that larger universities with larger stadiums in smaller communities have solved such challenges, and I see no reason to think that we can’t solve them as well.”

Staff writer Jason Pohl contributed to this story.

Anthony Cotton: 303-954-1292, acotton@denverpost.com or twitter.com/anthonycottondp