The Maryland Stadium Authority and the University of Maryland College Park have reached agreement on the target price of a proposed arena for the campus: $90 million.

The proposed 17,000-seat building would replace 43-year-old Cole Field House, home court for the Terps.

Cost estimates for the project have ranged from $106 million, which the stadium authority originally suggested, to $80.8 million, which the college thought it could afford. The university contracted with the stadium authority to oversee building the arena. In meetings in recent weeks, the two sides have compromised on the figure.

"We showed them what the $80.8 million would get them and they weren't happy with it," said stadium authority executive director Bruce Hoffman. "We agreed that the number should be $90 million."

The new figure will be presented during the current General Assembly to lawmakers, who had asked for an update. Only design funding has been approved so far, and a final vote on the project is probably a year away. A 2002 opening has been projected.

The complex would include classrooms, offices and other facilities for the athletic department.

"It's fair to say that the arena we feel would serve the long-term needs of the university would be difficult to build for $80 million," said Joe Hull, the university's associate athletic director for external operations.

The university hopes the state will pay half the cost and plans to raise the rest privately, including the sale of the name of the building to a corporate sponsor. A New Jersey sports marketing firm, Integrated Sports International, has been hired to find a sponsor.

Pub Date: 3/06/99