OXFORD, MS- (WMC-TV) - Millions of dollars are being borrowed by a local university to pave the way for a new basketball arena and a parking garage.
The University of Mississippi has confirmed $80 million is the amount to be borrowed for the new arena and garage.
The school's loan has been approved by the College Board.
Beginning soon, 8.3 acres will be leased to the Ole Miss Athletic Foundation.
The parking garage alone could cost up to $15 million.
Ole Miss fans can expect the construction of the parking garage to be finished before classes begin in 2014.
Both borrowed and donated money will be used to build the structures.
The arena could cost up to $85 million. It is scheduled to be completed by January 2016.
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