COLORADO SPRINGS — The University of Colorado is adding an extra $4.7 million to its Folsom Stadium expansion and renovation budget.
The Board of Regents on Friday approved, without discussion, an additional $4,701,489 in spending authority to accommodate "unforeseen cost escalation" for the project, according to planning documents.
The extra money will come from the athletics department through fundraising, contracts, the sale of bonds and other means. The athletic department reports that it has raised $82 million as of August to help fund the project.
With the approval, the project's new budget is now $160 million, which represents a 12 percent increase from the original price tag.