Iowa Wrestling Fan Podcast #53: New wrestling facility update with Kevin Collins

[Todd Conner]

A new wrestling facility update from Kevin Collins of the U of I Foundation. Kevin is a long time Iowa Wrestling fan and involved in the fundraising for the new facility, "The greatest wrestling training facility...in the world!"

A new date for the HWC Banquet

13 Iowa wrestlers are named Academic All-Big Ten




I am now up on Facebook at https://www.facebook.com/IowaWrestlingFan/
and on Twitter at https://twitter.com/iawrestlingfan

 

[Inthecircle]

Good information. Thanks for posting.

 

[HoundedHawk]

Why on God's earth does this project have to be 100% privately funded? The state adds 0% of funds, but has 100% say on whether it happens.

 

[andegre]

Why on God's earth does this project have to be 100% privately funded? The state adds 0% of funds, but has 100% say on whether it happens.

I agree, but it's still "on their turf".

 

[HoundedHawk]

I agree, but it's still "on their turf".

It is, but that doesn't change the sad reality found in my question.

 

[rustynailhawk]

Todd you the man, thanks for your work. It was very nice to run in to you at wrestle offs and if you don’t know him.. you should. Guys a fn nice guy

 

[SPOONER]

Why on God's earth does this project have to be 100% privately funded? The state adds 0% of funds, but has 100% say on whether it happens.

Generally how it works. The state kicks in the land and Iowa athletics more or less all the operating expenses going forward. Really no reason for Iowa taxpayers to pay for athletic facilities.

 

[HoundedHawk]

Generally how it works. The state kicks in the land and Iowa athletics more or less all the operating expenses going forward. Really no reason for Iowa taxpayers to pay for athletic facilities.

I know private funding participates, but there is no taxpayer money in all these other projects?

Was the football stadium done all by private donation?

Was the girl's softball complex all by private donation?

I'm ignorant in this area.

 

[SPOONER]

I know private funding participates, but there is no taxpayer money in all these other projects?

Was the football stadium done all by private donation?

Was the girl's softball complex all by private donation?

I'm ignorant in this area.

For major revenue sport projects, if necessary the state will issue bonds but they are paid off by the AD. Smaller projects are privately funded. I believe the softball project was to get the field out of the flood plain so the school/state may have kicked in for that one.

 

[eihawk]

I know I'm going to probably going to get torched for this but this project needs to get going. There's always an excuse for this or that. They have been dangling this in front of us like a rabbit chasing a carrot for long enough.
Look at Minnesotas new facility look what Ohio State is going to open up. Hell even freaking Rutgers is getting a new facility.
And before I get the what have you done. I have given money to the HWC.
Bottom line is this needs to get done because its starting to look like all talk and no action.

 

[SPOONER]

I know I'm going to probably going to get torched for this but this project needs to get going. There's always an excuse for this or that. They have been dangling this in front of us like a rabbit chasing a carrot for long enough.
Look at Minnesotas new facility look what Ohio State is going to open up. Hell even freaking Rutgers is getting a new facility.
And before I get the what have you done. I have given money to the HWC.
Bottom line is this needs to get done because its starting to look like all talk and no action.

None of those projects are in the same ballpark scope-wise of what Iowa is going to do. Thus, costs are drastically higher and it takes more time to raise the level of funds required. Have patience and think long term, my friend.

 

[ih8iast8]

I know private funding participates, but there is no taxpayer money in all these other projects?

Was the football stadium done all by private donation?

Was the girl's softball complex all by private donation?

I'm ignorant in this area.

You could also muddy this issue by the fact that the State of Iowa has significantly defunded the 3 Reagent Universities the last few years. If my revenue is down, and probably going to continue on that trend, I am going to be cautious of any new building and ensure that it is properly funded.

 

[millhawk]

two and a half to three years? Depressing.

 

[Grip220]

Funding ultimately dictacts where the best recruits will land even in the sport of wrestling nowadays. Endowments will plague Iowa for years to come I don’t see how we can compete financially. I’m not sure a strong fan base without the big donors can do it.

I would love to hear some insight on how the university of Iowa will stay on the same playing field as some of these other schools with much much larger financial power. I’m not sure the reputation can stand the test of time and evolution.

 

[Inthecircle]

If an endowment or Charitable Trust, is part of an estate plan or funds are given, while living to the the U of I Foundation, for a specific sport, it doesn’t mean it’s going to go to the sport you have designated? The foundation would treat the funds as a quasi gift, even though you designate IA wrestling as the donee. Therefore, an individual or entity would need to set up their giving independent of the U of I foundation. The aforementioned is the only way to contribute directly to IA Hawkeye Wrestling IMHO
At this point I am not certain if HWC could be a conduit for donating funds, earmarked specifically for the new wrestling facility?
There many ways to have large future donations made to HWC, however, these strategies mean giving up control of (the donor) the funds.
An independent family foundation could be set up to supersede giving up control of funds.
My thoughts above are a very general overview. Good knowledgeable estate planning attorneys who specialize in these aspects of giving, would definitely be needed.

Please share your thoughts or insights

 

[robchawk]

If an endowment or Charitable Trust, is part of an estate plan or funds are given, while living to the the U of I Foundation, for a specific sport, it doesn’t mean it’s going to go to the sport you have designated? The foundation would treat the funds as a quasi gift, even though you designate IA wrestling as the donee. Therefore, an individual or entity would need to set up their giving independent of the U of I foundation. The aforementioned is the only way to contribute directly to IA Hawkeye Wrestling IMHO
At this point I am not certain if HWC could be a conduit for donating funds, earmarked specifically for the new wrestling facility?
There many ways to have large future donations made to HWC, however, these strategies mean giving up control of (the donor) the funds.
An independent family foundation could be set up to supersede giving up control of funds.
My thoughts above are a very general overview. Good knowledgeable estate planning attorneys who specialize in these aspects of giving, would definitely be needed.

Please share your thoughts or insights

Need to contact Mark Emalfarb if we have n't and if he is not already a supporter. Sold a tech firm a few years back for some 75M.
Ex wrestler. maybe he can help...

 

[Inthecircle]

Good point. You don’t know until you try. Perhaps someone has?

 

[Wahawk56]

None of those projects are in the same ballpark scope-wise of what Iowa is going to do. Thus, costs are drastically higher and it takes more time to raise the level of funds required. Have patience and think long term, my friend.

Spoon, can you elaborate further what's going to set Iowa apart via facilities wise when it's done? I imagine they'll have a room, weight room, medical, locker room, film room, social room, and pool/spa area. What more could they have? Isn't that what everyone else is offering?

 

[SPOONER]

Spoon, can you elaborate further what's going to set Iowa apart via facilities wise when it's done? I imagine they'll have a room, weight room, medical, locker room, film room, social room, and pool/spa area. What more could they have? Isn't that what everyone else is offering?

I'm not the guy for that level of detail. But in short, the Iowa facility will be bigger than the others and unlike a good share of them it will be wrestling only, not just one portion of a multi purpose facility.

 

[HawkTalk84]

Where are we at right now financially? If this was done in 2.5-3 years, that wouldn’t be bad at all...especially with the magnitude of this facility. $15-20mil privately funded public facilities on a school site is a ridiculously long and tedious affair so I was not surprised after hearing the podcast.

 

[F. A. Hayek]

The state's "land"


lmao

 

[SPOONER]

The state's "land"


lmao

It's not? How much would it cost for the HWC to purchase a plot of land for a project this size? And what if that land was prime Iowa City real estate? Cost?

 

[Inthecircle]

It's not? How much would it cost for the HWC to purchase a plot of land for a project this size? And what if that land was prime Iowa City real estate? Cost?

We don’t want to know.

 

[AFHawk86]

Iowa needs to plan for women’s wrestling in the design of this new facility. One day Iowa will have a division I program.

 

[AFHawk86]

One things that wasn’t disclosed is how much has been pledged towards the $20M (or $15M to get started).

 

[Novakht]

Roughly 10 million has been raised.

 

[AFHawk86]

Roughly 10 million has been raised.

Thanks Randy!

 

[hawkeyejr]

Iowa needs to plan for women’s wrestling in the design of this new facility. One day Iowa will have a division I program.

Pretty sure there will be women’s locker rooms etc..

 

[TarpHawk]

Yes, it’s taking some time, but nothing to be negative about here. It’s a great thing, much needed, and it’s coming.

 

[AFHawk86]

Pretty sure there will be women’s locker rooms etc..

I expect you’re correct; however, the facility would require more than bathrooms to adequately support a D1 women’s team.

 

[HawkTalk84]

I expect you’re correct; however, the facility would require more than bathrooms to adequately support a D1 women’s team.

I would want a renovation of the current room/offices/etc for the women’s team when that time comes.