, The Charlotte Observer
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CHAPEL HILL - Plans for the first phase of renovations at Kenan Stadium cleared a routine hurdle Wednesday when the University of North Carolina's Board of Trustees approved a lease for the project.The plan will add two floors to the Kenan Football Center complex on the west end of the stadium. One floor will add office space, and the top floor will consist of about 20 luxury suites.Officials plan for the first phase to start at the end of the 2008 football season and be completed by the start of the 2009 season. The multi-phase project also is scheduled to close the bowl at the east end of the stadium and construct an academic support center for athletes.A preliminary design for Phase One will be presented to the Trustees in July, with final approval sought in September. The concept of the entire renovation was presented to the Trustees in March, and approval will be sought at a later date.Wednesday's approval allows the state to lease land for Phase One to The Educational Foundation, the school's athletics booster group. The foundation will contract with a developer for design and construction.After completion, the university will purchase the improvements from the foundation.The university is seeking legislative approval to borrow $50 million for the first phase of the Kenan Stadium expansion. The debt would be financed with private donations and income generated by the suites.The project is included in the UNC system's package of $401.5 million in borrowing that was approved this month by the UNC Board of Governors. It now goes before the legislature in the current session.(Staff writer Jane Stancill contributed to this report.)
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Staff writer Jane Stancill contributed to this report.