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Bond sales will pay for State Farm Center's renovations

Update: 1:28 pm, 1/23/14, Thursday UNIVERSITY OF ILLINOIS -- The Board of Trustees approved selling revenue bonds to finance a $160 million renovation of the State Farm Center.
Update: 1:28 pm, 1/23/14, Thursday
UNIVERSITY OF ILLINOIS -- The Board of Trustees approved selling revenue bonds to finance a $160 million renovation of the State Farm Center. Upgrades to the 50-year old sports and entertainment complex include adding luxury suites, expanding the center's floor to accommodate larger conventions and events and installing air conditioning.

Major work is expected to start this spring. Renovations should be complete by November 2016. There will be annual breaks from renovations to accommodate the Illini basketball season.

Bonds could go on sale in February. They would be financed over 30-years at a cost "not to exceed $270 million, including interest payments." The bonds will be financed through a $60 million agreement with State Farm Insurance Companies, private donations, an annual student fee, seat licensing, ticket surcharges and revenue from the Big Ten Network.
Original: 10:06 pm, 1/15/14, Wednesday
CHAMPAIGN -- Bonds go on sale next month to pay for renovations to the State Farm Center. $160-million in bonds can be bought the first week of February. The debt will be paid back over a 30-year period. Mutual and insurance companies typically buy the majority of the bonds.
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