The Lincoln City Council and the University of Nebraska will try to partner up on a new, 16,000-seat arena in the West Haymarket area. The city and the university will fund and oversee the project estimated to cost $340 million. The new arena is projected to open in September of 2013.
The city council will vote on the 8th to approve the formation of a joint agency with the University and for a special election for the bond issue. The University’s board of regents must also vote.
According to the plans of the agreement, the athletic department would pay the city of Lincoln $750,000 in rent each year and there will also be a $1 surcharge on all game tickets that would go back to the city. Look for taxes on hotel rooms, bar and restaurants and rental cars to co go up to help repay the $25 million bond for the arena project.
Other points of interest…the city retains naming rights of the arena, while NU would have naming rights of the court and locker rooms. Apart of the $340 million price tag is $51 to move three sets of railroad tracks and a new Amtrak station.