When will it end, huh? Or at least slow down? Your government wants more money to expand central Arkansas' bus system. Next month more millage increases will be on the ballot, depending on where you live. The arts center in Little Rock wants more money, and is sure to get it, too. Now comes the University of Arkansas with its hat in its hand.
First questions first: $160 million? For 3,200 seats? And two of its games this past season weren't even sellouts.
The last time the U of A expanded Reynolds Razorback Stadium, back in 2001, the university added about 21,000 seats for $110 million. Sure, inflation is a fact of life, but have mercy. One hundred and sixty million dollars for 3,200 seats comes to 50 grand a chair. Somebody called the plan the largest bond issue for higher education in the state. And for an expansion of a football stadium, at that.
But a committee for the University of Arkansas System gave the Fayetteville campus permission this week to add more seats and expand the north end zone, among other football-related things. The plan calls for the athletic department to raise $40 million itself and raise the other $120 million by issuing bonds. The vote was unanimous, with one notable member of the system's board abstaining. His name is a familiar one: David Pryor.
The former governor, representative and United States senator didn't stand in the way of the campus taking the next steps (which would be getting detailed designs and nailing down costs), but he didn't remain quiet, either. That wouldn't be his style. Gov./Sen./Trustee Pryor said what a lot of folks might be thinking just now:
• "A bond issue is a debt of the University of Arkansas. It is a debt of the people of Arkansas, and ultimately, if something goes wrong, who's responsible? And that's the people."
• "I think that we need competition, I think we need transparency, I think that we need fairness . . . . This is going to take a lot of work and a lot of study . . . ."
• "We're not trying to blow the train up, we're just trying to slow it down a little bit so that we can go toward the right answer."
But why not stop the train? Grind that sucker to a halt. At least for now, so we can talk about this thing.
If the state's largest university is going to raise $160 million, most of it in bonds, is the first priority the football stadium? Doesn't it have any needs more in line with academics? How about a new chemistry lab? Or a hundred of them? The university's athletic department is already about $65 million in debt, according to the papers. And those in the know say it'll take more than a dozen years to pay off just its current debt. Is putting more on the credit card wise just now?
If this plan passes and is approved, will ticket prices go up in Fayetteville? For the public and students as well? And will financial realities finally kill off the one game a year in Little Rock?
David Pryor is right. This is going to take a lot of study. And a lot of explaining and a lot of clarifying and a lot of convincing.
Come, let us reason together. Which would include answers to all the above questions, for starters.
Right now, it would be hard to convince many people that this makes any economic sense, or that the university has its priorities in the right order.
Editorial on 01/30/2016