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What Bulls will receive if USF football stadium isn’t ready by 2027

USF is set to finalize agreements with the companies that will build the Bulls’ $340 million on-campus football stadium in the next three weeks.

The first step is scheduled for Wednesday, when the board of trustees’ finance committee discusses the proposed construction management agreement with a building group led by Manhattan Construction Company. Some of the terms included in the committee agenda:

• If the stadium isn’t ready for the 2027 season, the construction group owes the Bulls $2 million in liquidated damages for every home game missed. The payment was the same in previous agreements (though the opening date has been pushed back a year). The proposed project schedule shows “Substantial Completion in time to allow” for its use that season.

• The final price will be set after construction documents are 75% complete. It will have to be approved by the full board. The terms sheet also says the construction team will let USF know construction costs are likely to exceed the budget.

• The initial payments are a fixed fee of $320,975 for the first phase of preconstruction services and $167,009 for the next round. Later, USF will owe 2.25% of the cost of work during the actual construction phase.

After the committee meeting, the contract will go before the full board for its approval during its June 4 meeting.

USF expects to break ground on the 35,000-seat facility during homecoming week around the Oct. 19 home game against the University of Alabama at Birmingham. The stadium will be just north of the team’s current practice facilities.

Committee documents also share a little more insight into the building’s funding. Student committees have earmarked $6.3 million for the stadium in the 2024-25 year through the Campus Improvement Trust Fund (which supports capital projects). That’s part of the $140 million in equity USF plans to use for the stadium while borrowing the other $200 million.

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