Spring Break
Olen Field renovation campaign looks positive
By: Brad Cox
Issue date: 11/3/09 Section: News
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Miles Marks, president of the 12th Man Foundation, said Monday they hope to have $6 million in pledges and $4 million in cash by Dec. 31.
"Although we started this project in the toughest of economic times we are still optimistic that it will be successful," Marks said. "Aggies have been receptive to the message of the needs of Olsen Field renovation and, as the economy starts to strengthen, we see them starting to line up to help make this a reality."
Marks said the Foundation has almost $4 million of the $16 million goal planned for the first phase of the project with the biggest giving season yet to come.
Stu Starner, senior vice president for major gifts for the Foundation, said the Foundation receives most of its gifts in December, when donors and their financial advisors are reviewing giving possibilities before the end of the taxable year.
In order to start the project, the Foundation is required to have 75 percent of the funds pledged from donors, which is $12 million, and 50 percent in cash, which is $8 million.
"As raising money for projects is not an exact science, we generally say that we will begin a project just as soon as the targets for fundraising are met," Marks said.
When the Foundation has the funds, the project will officially start when it is referred to the Texas A&M Facilities Planning Group, which is in charge of final design, specifications, bidding and a construction plan. Marks said construction would begin several months after the project started.
The Foundation had initially hoped to send the project to the Facilities Planning Group in January 2010 and begin construction after the 2010 season, but they now hope the Facilities Planning Group will have the project by the end of summer 2010.
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