University of Idaho arena cost unanimously upped by $5 million

BOISE – The Idaho State Board of Education unanimously approved a University of Idaho request to raise the approved cost of the coming Idaho Central Credit Union Arena by $5 million during a board retreat Wednesday.

Board President Debbie Critchfield, and Board Members Andrew Scoggin and Superintendent of Public Instruction Sherri Ybarra were not present for the vote.

The increase covers a finalized construction estimate that is $3.3 million higher than the previous estimate of $46 million approved by the board in March, as well as a $1.64 million construction contingency fund, bringing the full cost of the project to $51 million.

UI has about $17 million on hand and plans to finance the remaining $34 million of the project through bonds and pay the debt over 35 years with increased student facility fees, fundraising and donations.

The university must still request the board consider and approve its financing plan before bonds can be issued. That request is expected to be made at a later date.

Crews are expected to break ground on the new arena in June, with the building completed by September 2021.

The arena – a project that dates back 50 years – will hold more than 4,000 seats for men’s and women’s basketball events, a practice gym, a conference space sponsored by the UI Alumni Association, coaches offices, locker rooms and a 32-by-12-foot scoreboard above the court.