There were come concerns that the $12 million second phase of the Lasch Building renovations hasn’t been fully funded yet, but the Penn State Board of Trustees still unanimously approved the construction project at its Friday meeting.
The project, which will renovate the football team’s locker room and equipment room and update the wet areas, is intended to be fully funded by donors.
President Eric Barron informed the board that the Lasch project has all of the money pledged through verbal commitments, but the signatures aren’t all there yet and so the money isn’t in the university’s hands.
“To do this as a rush for the coach in order to build the team put a lot of pressure on us,” Barron said. “It’s not the right process. We should be coming here and saying we’ve raised the money and we wish to go forward. But I have complete confidence that when we’re at the end of this project, every single dollar will be a donor dollar.”
The rush on the project exists because James Franklin wants construction to be completed on the Lasch Building before next season begins, which would require work to begin as early as late December. Postponing a vote on the project until the January board meeting in order to sure it’s fully funded through philanthropy would essentially cause a one-year delay on the Lasch renovations.
Barron emphasized to the board that this isn’t the preferred process and that going forward, he will do everything in his power to ensure projects of this nature aren’t brought to the board before the donations are in hand.
In a statement released yesterday after the Committee on Finance, Business, and Capital Planning approved the project, Franklin expressed his appreciation for the board’s support of his program.
“Our players and staff are very appreciative of the Board’s consideration of upgrades to the Lasch Building,” Franklin said. “I would like to thank everyone who has stepped up to support Penn State and this important project. Our vision is building the best football program in the nation and these upgrades to the football facility are another critical piece of that foundation.”
