Nevada regents OK $16M loan for new UNLV football facility

A committee of the Nevada Board of Regents approved a financing plan for a new UNLV football training complex that university officials say will help boost recruiting.

UNLV President Len Jessup said the 4-2 vote Thursday in Elko to approve a nearly $16 million bank loan should allow construction to begin by the end of this semester in December. The split vote, however, showed deep concerns held by two regents on the university’s fundraising initiatives, which at times turned the conversation into tense exchanges.

“I see the importance of it for the football program, and the need for it to flourish,” said Regent Trevor Hayes, who voted against the measure. “But I don’t have a great deal of confidence in any of the numbers.”

Jessup said the project is expected to cost $28.5 million. He also reported that donor pledges for the two-story, 73,000-square-foot facility are up to $19.4 million.

UNLV will pursue up to a $15.95 million loan that would be repaid over five years from donor support, with the university responsible for the balance. The loan would bridge the gap between money raised — $6.4 million as of July 31 — and the $22.25 million need for the groundbreaking.

Before the vote, Rebels athletic director Desiree Reed-Francois and football coach Tony Sanchez spoke in support of it.

Reed-Francois said the Fertitta Football Complex will be a “world-class facility” that will help athletes become stronger, faster and to also grow as leaders.

Unlike other teams in the Mountain West, Sanchez said the Rebels currently share 60,000 square feet of training space with eight other teams.

“This will create a lasting impact on recruiting high-level athletes,” Sanchez said.

Regent Allison Stephens, who also voted against the measure, questioned the need for a loan when the university has $380 million in cash reserves — an amount that was reported at the June meeting.

Jessup said some of the cash reserves will go toward down payments for academic buildings.

Hayes said a similar plan was presented to and approved by the regents more than two years ago for Hospitality Hall, but that the university is a couple of million dollars short of its goal.

“The city with the most hotels and the No. 1 hotel college is still a couple million short,” Hayes said. “And now we’re being asked to take a bigger bet on a bigger gap now.”

Jessup defended the fundraising strategy for hospitality building, saying that everyone in the local resort industry stepped up to help.

“I appreciate the pledges, but that is not the way you sold it to us,” Hayes said. “You said it would come in no time. Maybe we just have a different definition of what ‘no time’ is.”

Despite the back-and-forth between the regents and Jessup, the measure was approved. It will go before the entire board Friday as a consent item.

Contact Natalie Bruzda at nbruzda@reviewjournal.com or 702-477-3897. Follow @NatalieBruzda on Twitter.