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The USF Board of Trustees Finance Committee voted unanimously to spend $140 million and take on $200 million of debt for an on-campus football stadium.
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A proposal a USF Board of Trustees committee is set to take up estimates a 35,000-seat football stadium on the Tampa campus would cost $340 million to build.
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The USF Board of Trustees approved up to $22 million for the design phase of the project.
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The university will put out an "invitation to negotiate" in the next month to select a design and build team for the project.
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University of South Florida Board chairman Will Weatherford assured officials that DeSantis would come around next year.
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Rhea Law, a Tampa lawyer who previously served as chair of USF's Board of Trustees, is the first alum to lead the university.
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Finalists Rhea Law and Jeffrey Talley will meet with the USF community on all three campuses a day before they're interviewed by the university's Board of Trustees.
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Officials also announced at Tuesday's Board of Trustees meeting that USF will hold town halls for the two presidential finalists the week of March 21.
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According to the agenda for Tuesday's meeting, the proposed site is on the northeast side of campus, near Fletcher Avenue and North 50th Street.
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The two candidates were thoroughly questioned as they offered different visions for the future of USF.
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Interim president Rhea Law, who was asked to consider taking over as USF's next president, is a finalist along with retired U.S. Army Lt. Gen. Jeffrey Talley.
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The USF Board of Trustees discussed a plan, which includes five possible locations on the Tampa campus, and hopes to present it by June 30.