July 12, 2001
Jefferson City, Mo. - Governor Bob Holden signed a measure today authorizing the state to enter into a public-private partnership with private donors and the University of Missouri to build a new arena on the MU campus.
Holden signed House Concurrent Resolution 25, which authorizes the state to issue $35 million in bonds to help construct the $75 million arena.
In other good news for the University, Holden also announced that he will release $1 million of previously frozen state capital improvement money to allow the University to move forward with construction of a life sciences building in Columbia.
HCR 25, sponsored by Rep. Chuck Graham, D-Columbia, and Sen. Ken Jacob, D-Columbia, was passed with broad bipartisan support in the Missouri House and Senate.
Holden's signature authorizes Commissioner of Administration Michael Hartmann to further negotiate terms of the contract to construct the new arena.
"There are issues to be resolved, but I look forward to working with the donors, the University, and the city to move this project forward. I want to assure you that my staff and I will be very involved in the negotiation process because we want to promote the mutual interests of the citizens, the city of Columbia, the state, the University, and its students," Holden said.
Holden said he would not ask for an appropriation for the arena project until 2005.
The Governor also said he has asked Joe Driskill, director of the Missouri Department of Economic Development, to examine potential economic development opportunities near the arena, including a performing arts center and convention center.
"I am committed to a strong University of Missouri system, and the actions I have taken today I believe will enhance their ability to become a leading institution in this country," he said.
MU coaches Quin Snyder and Cindy Stein were understandably pleased with the good news today.
"Of course I'm very pleased that it looks like it's going to move forward," said Snyder, who caught up with the Columbia Daily Tribune from his recruiting trip. "It will really help our program on a number of levels, not just aesthetically, but it also shows the strong commitment to intercollegiate athletics at Missouri.
"It gives our kids a wonderful place to play and to train, so the impact will be felt across every sport. It will be a terrific asset and hopefully it will bear fruit for a long time," he said.
"Obviously, I'm very excited," Stein said from Winston-Salem, N.C. "I was very hopeful this day would come. I wish I could be there in person to thank the Governor and all the people who made this happen. But unfortunately the recruiting wars never stop."
Stein and Snyder, as well as the other coaches whose teams currently use the Hearnes Center, will all benefit greatly from the new $75 million dollar project. According to Stein, it will put MU among the elite schools in the nation in quality of facilities.
"Just the enhancement of being able to host a regional or NCAA Tournament games is going to be a huge positive, not only for us, but all of the programs," Stein said. "Hearnes is still a great place to play - it's not that we don't have a good facility - but it will ease the load as far as being able to free up practice schedules. And it just helps take our program to another level as far as having equitable facilities. You can attract that upper-level kid now."