FAU officials just applauded a decision to take on a $44.5 million loan.

In September 2007, FAU’s Board of Trustees (BOT), a thirteen-member committee that makes big decisions regarding FAU, unanimously approved the building of a football stadium. On July 21, 2010, the BOT approved the financing plan for the project.

“This has been a long time coming. It’s an instrumental piece in putting [FAU] on the map,” Trustee and Student Body President Ayden Maher said. “It will bring more out-of-state students to FAU, higher-caliber students.”

The stadium is expected to be built by the fall of 2011, according to Vice President of Facilities Tom Donaudy. It will cost approximately $63 million to build, with most of the money coming from the loan and some from fundraising.

The stadium will be part of Innovation Village, a multifaceted project that will add student housing to the Boca campus. The stadium will be built on the northwest corner of the intersection of Lee Street and Palm Beach Avenue, according to Donaudy.

It will house around 30,000 seats, approximately 5,000 of which will be premium or priority seats.

Despite the debt FAU will incur to finance the stadium, its construction will also have a positive side effect on the local economy. At least 1,000 jobs will be created for people working on the construction, Donaudy estimated.

Following the BOT’s July 21 vote to approve the financing, Athletics Director Craig Angelos commended all those who’ve worked on the project.

“This has been a long, arduous task,” he said. “A lot of people have come together and joined hands at this time to step forward and take a chance that this will be a successful venture.”