Florida State University's Board of Trustees has approved the purchase of the Tallahassee-Leon County Civic Center. FSU is the primary user of the financially-troubled facility. Under the deal, the University will lease the facility back to the city and county for a year.
The school will pay about $1.15 million for the center, and agreed to take on an additional $4 million of the facility’s debt. The City and County will contribute another $500,000 to settle a lawsuit that paves the way for FSU’s takeover.
The deal now goes to the Civic Center Authority board, and then to the University system’s governing board for final approval. The Civic Center had been in danger of shutting down due to financial problems.
During the meeting, FSU's Athletic Director Randy Spetman said the Athletic Department's $2.4 million budget shortfall has been taken care of.
Spetman said the department received an extra $1.6 million from the Atlantic Coast Conference. The money helps balance the athletics budget and Spetman told the board that means the department is in good share for next year as well.
FSU Trustees also got a new board Chairman in former state House speaker Allen Bense. The group approved a 15-percent tuition increase for the upcoming year, and a $1.1 billion operating budget.
