A key legislative committee gave its okay Tuesday for the University of South Carolina to build a $50 million football operations center. But the agreement requires the school reduce athletics fees it charges in-state students and reduce the amount of debt it would take on to pay for the center.
The Joint Bond Review Committee (JBRC) agreed to the conditions negotiated between USC and the state Commission on Higher Education that would require a $1 million total decrease on athletics fees that in-state students pay. The project and agreement must still be approved by the State Fiscal Accountability Authority board at its meeting next week.
Full-time students pay the $86 fee each semester when they enroll at USC and help cover free admission at sporting events such as football and basketball. USC officials say the decrease would be roughly $35 each semester for in-state students.
However, USC finance representative Rick Kelly said the school plans to increase the fee charged to out-of-state students to make up the difference. “We clearly understood from the negotiations that… we would raise out-of-state by $1 million,” he told the JBRC on Tuesday. “So it was revenue-neutral to us and to the bondholders.” [Read more…]