Idaho State University has access to nearly $10 million in reserve funds, in case things get shaky after an ongoing renovation of Holt Arena.
The State Board of Education on Thursday approved the university’s request to tap into institution reserve funds to address seismic code problems uncovered amid a two-year multimillion-dollar facelift of the facility.
The money includes:
- $7 million for structural bracing
- $960,000 for translucent wall panels
- $1.825 million for ceiling panels
Total: not to exceed $9.785 million.
The university had intended to bankroll the entire makeover from funds donated by Idaho Central Credit Union — until the lack of seismic code requirements rattled things.
ISU president Kevin Satterlee called updating the structure the “right thing to do” during Thursday’s meeting, which was streamed live on the State Board’s YouTube page.
Opened on Sept. 26, 1970, at an initial cost of $2.8 million, the 12,000-seat arena houses Idaho State football and basketball, and has hosted events ranging from commencements and concerts to rodeos and high school sports.