VERMONT

$87 million needed to complete UVM Tarrant Center, multipurpose facility: What to know

Alex Abrami
Burlington Free Press

Despite soaring costs and the need for tens of millions more in fundraising, the University of Vermont remains committed to finishing its long-awaited, multipurpose athletics facility.

Earlier this month, UVM's Board of Trustees reaffirmed the school's original plans following a thorough report from the Multipurpose Center Work Group, appointed last fall to review the entire scope of the project. The facility plans were first unveiled in 2017 but has endured delays and resequencing due to the arrival of the COVID-19 pandemic less than a year after construction first broke ground.

In the fall, UVM opened a group fitness hub, a multipurpose athletic court called the MAC and a bouldering wall for student use. The report said these new areas record more than 400 student visits per day.

The group's report states $87 million is needed to complete the project, which includes the Tarrant Center, future home of the Catamount men's and women's basketball programs. UVM has identified $39 million available from school resources. But the $48 million needed to close the gap "would need to come through additional philanthropy, partnerships, and other alternative funding sources," the report said.

The anticipated total cost of the entire project — renovations and updates to Gutterson Fieldhouse; wealth, wellness and recreation center for the general student body; increased space for individual fitness — now stands at approximately $154.2 million, which is $59.2 million more than originally authorized for the budget.

The school has already poured $67.2 million into the project, the report stated.

[Editor's note: See below story to read a PDF version of the full Work Group report].

The construction site of the Tarrant Center, the University of Vermont basketball team's still-to-be-built home arena, on Thursday, Feb. 16, 2023.

UVM athletic director Jeff Schulman, in an interview in his office last week, said, he left the Board of Trustees meetings "feeling very optimistic" about the project's completion.

"Our Board of Trustees is fully engaged on this project, it’s top of mind for them," said Schulman, a member of the Multipurpose Center Work Group. "I was really encouraged that the Board reaffirmed its commitment to the project’s original goals. Like a lot of big construction projects, this project has obviously been heavily impacted by pandemic-related delays and a changing construction financial landscape.

"The good news is that there is real alignment between the Board of Trustees, university leadership and all of us in the athletic department — about how critical this project is and we’re committed to finding solutions to be able to move forward with it as soon as possible," Schulman said.

A rendering of the University of Vermont's multipurpose facility, which will include a new home for the basketball programs.

Email requests to UVM spokesperson Enrique Corredera asking to speak with Ed Pagano, head of the Multipurpose Center Work Group, and Ron Lumbra, chair of the Board of Trustees, were not returned. In a UVM news release posted on its website, Lumbra said the original plan is "the best path forward" for the school.

"The (B)oard is also keenly aware of the significant resources required to complete the project and we will work intently with our partners to identify funding solutions," Lumbra said. "We remain grateful for the generosity of the project's many supporters."

How much has been spent on the UVM athletic facility project

To date, UVM has doled out $67.2 million on the multipurpose facility, located on campus at 97 Spear St. According to the report, the breakdown of money spent is:

  • $28.6 million on design, site preparation, deferred maintenance, refurbishment, and infrastructure improvements.
  • $16.3 million on Tarrant Center's foundation, infrastructure and steel.
  • $12.5 million on recreation and wellness space.
  • $9.8 million on intercollegiate athletics spaces.

Where the money for the project is coming from

UVM has raised $32.4 million in fundraising or philanthropic support, and $16.5 million of that total is in the form of future bequests, the report said.

The $32.4 million figure also includes Rich and Deb Tarrant's $15 million gift, announced prior to a men's basketball game in December 2018.

Of the $39 million available through UVM resources, $34 million will come from debt sources, including a previously approved student fee of $400 per year. The other $5 million is from UVM's cash reserves.

2019:UVM ready to break ground on $95 million multi-purpose sports arena

2020:Gutterson Fieldhouse's new video board for hockey programs nears completion

2021:Completion of Tarrant Center, UVM's new basketball arena, faces another delay

Schulman said the focus on raising additional funds won't just be on the remaining $48 million to fulfill project goals.

"We’re looking at it as, we have to identify $87 million dollars to complete this project and that’s going to happen through a combination of university funding and private funding. And that private funding will likely come through a combination of increased private philanthropic support and other creative funding sources," Schulman said. "We got a very strong charge from the Board ... to leave no stone unturned in looking for opportunities to help support the financial need."

Other creative funding sources are being considered, Schulman said.

"There is a lot of incremental revenue that will be generated from this facility through ticket sales, sponsorships and partnerships that we are exploring right now," the longtime UVM administrator said.

In the report, UVM leadership was said to have explored the pursuit of federal or state grants and additional debt financing within the school's debt policy.

Group to report back to Trustees in May

The Multipurpose Center Work Group will present its findings in May at the next Board of Trustees meeting.

"We are cognizant of the financial realities that we are dealing with," Schulman said. "We are looking forward to providing a positive report to the Board in May and have some clearer direction at that point."

While the COVID-19 pandemic drastically altered the timeline, Schulman remains focused on seeing through a new arena built and the full complement of upgrades of the proposed plan.

Rendering of the University of Vermont's Tarrant Center, future home of the school's basketball programs.

"There is no question when we broke ground in May 2019, and I saw all the construction equipment right outside my window, building the foundation and the steel on site, I really felt like the end was in sight," Schulman said. "But nobody could have predicted what was going to happen to the world in March of 2020.

"From my perspective, it’s going to make it all the sweeter once everything is complete and we have a chance to cut ribbons and enjoy these new spaces."

Contact Alex Abrami at aabrami@freepressmedia.com. Follow him on Twitter: @aabrami5.