“If we can finish the design by next summer and then start turning the earth around then,” he told the Daily Advertiser on Wednesday, “that would be ideal for us.”
UL announced this week that it has received a contribution of $ 2 million for the project from IBERIABANK, a division of First Horizon Bank, through the Louisiana First Horizon Foundation.
The pledge secures the naming rights for the west hall of the stadium and the future athletics administration offices.
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Renovation elements include a new west side tower with an suites level that will include approximately 20 suites, a full club level, dressing rooms and a new media room, as well as a new video panel, new sound system and new lighting.
Maggard hopes the renovation can be completed in time for the start of the 2023 season. This means construction could continue throughout the 2022 season.
“We have already communicated with (the seat holders) on the West Side that some level of displacement will occur for Season 22 if the plan stays on track,” said Maggard.
The current capacity of the Cajun Field is listed at 41,426.
The available seats will contract after the renovation, but Maggard said “we should still be well above 35,000; everything is to be determined.
IBERIABANK / First Horizon money is the third major project commitment UL announced this year.
School before sold the naming rights of the stadium to the Notre-Dame de Lourdes Regional Medical Center for $ 15 million over 15 years. He then announced that he had received a “seven-figure donation” from MacLaff, Inc., which owns and operates several McDonald’s in southern Louisiana.
The First Horizon commitment “really got the needle going for us as we try to wrap up the fundraising component,” said Maggard.
Maggard said the project was “still in fundraising mode”, but “we have enough money on hand to get things going.”
“We know we need around $ 42 million to feel really, really comfortable,” he said, “and I would tell you that from a fundraising standpoint, we’re about $ 32 million. “
The $ 32 million figure includes cash and pledges, with pledges representing a higher percentage. The money from Lourdes, MacLaff and First Horizon is at least $ 18 million of the $ 32 million, according to Maggard.
Maggard predicts an additional $ 20 million will come from sales of high-end seating, including suites, club seating and lodges.