WACO (November 28, 2012)—The agreement under which the City of Waco is pumping $35 million in Tax Increment Financing funds into Baylor University’s $250 million on-campus football stadium project requires that Floyd Casey Stadium be torn down unless Baylor and the city can agree on another use for the 60-year-old facility.
“There is a clause in the contract that basically says the existing stadium will be razed after a certain period of time...unless we can find a mutually agreed adaptive reuse between Baylor and the city,” Waco City Manager Larry Groth said Wednesday.
The Waco City Council voted in July to devote the $35 million in TIF funds to infrastructure improvements including roads, power lines, sewer lines and a public marina, as well as a pedestrian bridge over the Brazos River, connecting the main campus with the facility, which is scheduled for completion in time for the 2014 season.
That means seven more Baylor games are scheduled at Floyd Casey including the final game of the current season against Oklahoma State University Saturday and six home games in 2013 beginning with Buffalo on Sept. 7.
The university will start considering the 60-year-old stadium’s future in 2013, Baylor spokeswoman Lori Fogelman said Wednesday.
Baylor also plans to relocate its track and field facilities to campus and is in the process of raising funds to cover the cost of the move, Fogelman said.
Plans for the new stadium on the 93-acre site along the interstate call for 45,000 seats with the flexibility to expand to 55,000, canopy shading, suites, loge boxes, indoor and outdoor club seating and an event center and Stadium Club for year-round use.
Baylor is the only school in the Big 12 that doesn't have an on-campus stadium.
The Bears have played at Floyd Casey Stadium off South Valley Mills Drive since 1950.
Before that, games were played at Waco Municipal Stadium on Dutton Avenue.
There hasn't been a field on the campus since the 1930s.