Frequently Asked Questions
What are the tax benefits of leasing club seats or suites?
There are substantial tax benefits associated with leasing luxury seating. The annual financial commitment to lease these opportunities contains both a taxable portion (for the cost of goods and services provided, such as game tickets, parking, catering, etc.) and a tax-deductible charitable gift. According to IRS regulations, after the taxable portion is subtracted from each annual commitment, 80 percent of the remaining portion is a tax-deductible charitable gift. The value of goods/services received will be calculated annually and provided by the University of Illinois. Please see the example calculations on page 10 of this brochure. Consult your tax advisor to learn how the IRS guidelines relate to your specific situation.
How will the location of my luxury suite and/or club seats be determined?
A suite/club seat allocation system has been developed by athletic department administration. If the enclosed Letter of Intent is received before February 1, 2006, priority for luxury seating will be based on the following criteria in the following order:
- Length of licensing contract,
- I FUND membership level, and
- Priority Points within your I FUND membership level.
What are the lease terms available for luxury suites and club seats?
Memorial Stadium Suites are available on five-, seven- and 10-year leases. Colonnades Club and 77 Club seats are available on three-, five-, and seven-year leases. At the end of the current lease period, current suite- or seat-holders will have the right of first renewal.
When will the renovation project begin? When will it be finished? Will the renovation interrupt football season?
The project is scheduled to occur in phases so as to avoid disrupting any of the Illinois football seasons. Initial construction is set to commence following the completion of the 2006 football season. It is anticipated that the west side of the stadium, including the luxury suites and club seats, will be finished in time for the 2008 football season.
Is now the right time to begin a renovation of Memorial Stadium?
Absolutely. Built in 1923, Memorial Stadium has undergone few physical changes or improvements in its eight-decade existence. For some time, infrastructure deficiencies and antiquated amenities have necessitated significant improvements. In addition, Illinois realizes that current investment is necessary to enjoy future success. In order for Illinois football to accomplish all that Illini fans across the country desire, Memorial Stadium must be brought up to the standards seen across the country and around the Big Ten. Every other Big Ten school has either completed or is undergoing a stadium renovation. To stay competitive in attracting top talent to Champaign-Urbana, Illinois must respond.
How much is the renovation going to cost? How is it going to be paid for?
With estimated costs between $100 million and $150 million, the Memorial Stadium project is one of the most ambitious in University of Illinois history. Funding will come from the sales of luxury seating, including suites and club seats, which will allow for payment on the debt service of newly issued 30-year bonds. In addition, a private capital campaign, featuring naming opportunities within the renovated stadium, will provide another significant source of funds. No state money or tuition assessments will be used to finance the renovation project.
If I’m not interested in purchasing club seats or suites, how will the Memorial Stadium renovation benefit me?
The addition of luxury seating is only one aspect of the renovation project. All of the public areas, including both Great Halls, the concessions areas, and the restroom facilities will receive extensive upgrades. In addition, wider aisles, increased disability access, and a lowered playing field will enhance the game-viewing experience for all those in attendance. These improvements, as well as general infrastructure maintenance, a gated portal entryway system, and improved public concourses will make the renovated Memorial Stadium a safer, cleaner, and more fan-friendly environment for all Illini fans.
How will the renovation project impact my current seats?
With the addition of the press box/hospitality facility, the outdoor club seats, wider aisles, and increased accessible seating, the renovated Memorial Stadium will have a slightly reduced overall seating capacity and a completely new seating manifest. Every section in Memorial Stadium will benefit from these changes. Realizing that fans have emotional attachments to their seats, athletic department officials are currently reviewing plans used at other schools and are considering options to address every fan’s concerns equally and fairly. A future announcement will explain in great detail the steps that will be taken to ensure that every Illinois supporter has the opportunity to equally benefit from the beauty and convenience of the renovated Memorial Stadium.
Will Memorial Stadium always be named Memorial Stadium, or might it be renamed to recognize a high-level gift?
While areas within the renovated stadium, including the press box/hospitality facility, will be named to recognize generous gifts, the name of the stadium itself will not change. Memorial Stadium and Zuppke Field will always remain the home of Illinois football.
Will the stadium maintain its historical significance?
Ensuring that Memorial Stadium retains the qualities that have made it an endearing landmark to generations of Illinois fans will be the first priority of the renovation project. All construction will be confined to the interior of the stadium, leaving the exterior facades, colonnades, and ramp towers unaltered. Once completed, the renovated Memorial Stadium will seamlessly combine modern amenities and technological innovation with the traditions and history of its storied past.
How will the renovation impact parking?
Because the bulk of the construction will occur outside of the football seasons, it is anticipated that the renovation project will have a minimal effect on game day parking.
How will the purchase of a suite or club seat affect my I FUND annual club level?
License fees paid for exclusive access to luxury seating within the renovated Memorial Stadium will not count toward changing your I FUND annual club level. Priority points based upon your license fees will, however, accrue within your current I FUND club level.
