Galveston Independent School District trustees voted last week to go ahead with a postponed project to build a new football stadium to replace an old one. Trustees must vote by March 8 to hold a May general obligation bond election for the project, which is expected to cost $34 million to $38 million.
The district had considered setting a bond election for November 2009, but officials sought more time to decide whether to renovate the 60-year-old Kermit Courville Stadium or build a new facility.
The district will build the new facility on land it already owns. The existing stadium site, which is closer to downtown Galveston than the proposed replacement facility, did not have sufficient parking. Renovating the stadium or rebuilding on the existing site, officials said, would require the purchase of additional land to accommodate additional parking.
The proposed new stadium would be located near the school district’s baseball and softball fields. It is expected to be financed in part with $8.6 million of proceeds from bonds that would issued under the federal qualified school construction bond program.
Galveston ISD trustees have hired an architectural firm that will develop cost estimates and detailed drawings. The 10,000-seat stadium complex will include an eight-lane track, 722 parking spaces, and features that will allow it to be used for soccer games, track tournaments, and graduation ceremonies.
The district’s GOs have underlying ratings of A-minus from Standard & Poor’s and A2 from Moody’s Investors Service.
