BURNABY, B.C., (August 11, 2016) — After careful evaluation, the Simon Fraser Student Society (SFSS) Board of Directors has concluded not to move forward with the stadium project. Initially, the design and construction cost of the stadium was estimated to be $5 million to $10 million. The Board of Directors has since learned that the estimated cost could expand to roughly three times that amount ($30 million), which is far beyond the SFSS’ available funding.
“Through the Schematic Design process that took place this summer for the stadium, we were surprised to receive a cost estimate that was three times our budget,” says Arr Farah, SFSS VP University Relations. “Right now that’s just not within our scope.”
In addition to the budget concern, the SFSS would need a loan in order to fund the stadium’s construction. Students approved a loan at the 2015 SFSS Annual General Meeting, but this approval was only valid for a one year term. To meet this timeline for financing, the SFSS had set a deadline of early August to have all documentation in place for the lender. Due to the project coming in over budget, the deadline could not be reached. This decision reflects the mandate of SFSS to act in the best interests of all undergraduate students who would be paying for the stadium.
Given that the stadium is not proceeding, the SFSS will begin exploring options with its partners about the future possibilities for the Build SFU levy. The SFSS will be consulting with its lender and SFU to determine the options available and how best to move forward.
The SFSS may be willing to consider future opportunities related to a new stadium project.
“We’re disappointed that we are unable to pursue the development of the stadium,” says Larissa Chen, SFSS Interim President, “but we’re not walking away from the possibility of building a stadium in the future, if it makes sense to do so.”
Arr Farah, SFSS VP University Relations • firstname.lastname@example.org
or Larissa Chen, SFSS VP Student Services (Interim President) • email@example.com
Click here to read the full release.