TAMPA, Fla. — University of South Florida officials have approved a budget plan for an on-campus football stadium. 

According to Spectrum Bay News 9's partner newspaper the Tampa Bay Times, USF’s Board of Trustees on Tuesday voted unanimously to move forward with its stadium plan.

The university has made progress on advancing the stadium plans over the past few months. In March, the board approved a design for the 35,000-seat stadium.

In May, a committee gave the green light to the financial plan which will go before the full Board of Trustees on Tuesday.

Here’s a breakdown of that plan:

The stadium would cost $340 million.

Of that total, $140 million of that would come directly from the university.

The remaining $200 million would be taken on as debt and paid back using profits from the stadium over the next 20 years.

But there are some mixed feelings on campus about the financial plan.

While some faculty members say the stadium will have a positive impact on the school’s future, others are concerned about the project’s price tag.

“Like building a home, right? You get a price but then there’s the actual construction,” said Jennifer Jasinski Schneider, USF Faculty Senate Professor. “There’s the operating costs. The deferred maintenance down the road.”

Still, excitement remains high about the project.

“I would love one day to be able to bring my kids back and say, ‘You know what — part of the history of USF, I was a part of winning some games that helped fund and build, and continue to grow a program that is going to continue to skyrocket.’” said BJ Daniels, former USF quarterback and the program’s current assistant director of development.

The plan will still need to go before the state university system’s Board of Governors.

The university is hoping to have the new stadium ready to go for the 2026 football season.