As Redford reports, current annual debt service on the construction stands at $18 million. That increases to $26 million in 2023 when the principal starts getting paid down. In theory, Cal could be paying the debt until the year 2113, long after the lifespan of the actual structure. It was a bad plan; a foreseeable bad plan. For the time being, the athletics department is responsible for the debt, though like the vast majority of schools, Cal athletics gets millions of dollars in subsidies already.

Read full article [here].
by John Warner, Inside Higher Ed.

Posted: July 20th, 2017, by: admin. Categories: . Awaiting Comments.