Replacement of University of Iowa’s fine arts campus to cost over $400 million

The replacement cost for the University of Iowa’s fine arts campus, which was devastated by a 2008 flood, will be $404.9 million, according to the Iowa Board of Regents. Total flood damage from the flood is expected to top $1 billion at the Iowa City campus.

The fine arts campus requires a new auditorium, art building, and music facility. Nearly $267 million of Federal Emergency Management Agency funding should cover about 65% of the replacement costs for the three fine arts buildings. The projects will also be paid for with flood insurance proceeds, revenue bond proceeds, university gifts and earnings, and university building renewal funds.

The new multi-use auditorium will seat 1,800 people, about 700 fewer than the existing facility. It will be sited 2 feet above the 500-year flood plain, and will be further protected from flooding by a new system of roads. The lobby will feature a floor-to-ceiling view of the Iowa River and the campus.
(http://www.indystar.com/article/D2/20120316/NEWS02/303160036/University-Iowa-arts-facilities-expected-cost-405-million?odyssey=nav|head)