Even if the only consideration were ROI, renovation is still the better option:
1. The figures I've heard mentioned for a new stadium (big enough for FB) exceed $500m (that's probably conservative). Using this as a rough capital cost, it doesn't appear that the revenue streams necessary to support a public investment of that scale could come from SU tickets alone. The numbers don't add up. Our peak attendance historically has been about 50k. Even assuming we get all those fans to return (and SU agrees to abandon its "on-campus Dome" brand), substantial additional revenue would still have to come from public events at higher volume than the Dome can provide (concerts, monster jams, wrestling, semi-pro teams and the like). With those revenues plus concessions and interior advertising, a new building could be done but it would take 40-50 years --possibly exceeding the building's life-span -- to repay $500+M plus interest (let alone generate an ROI). That's assuming income and operating expense projections are realistic (See the KFC Yum Center for a counter-example). Either way, the accelerated public event cycle needed to generate that kind of revenue would crowd out unprofitable University activities (practices and non-revenue-generating sports). These are just some of the concerns that make an off-campus option seem impractical and unaffordable;
2. There has been no serious consideration, or even a mention that I've heard, of demolishing the Dome. Accordingly, if it's to continue operating, like any building constructed in the early 80's it requires a new roof and other updates to remain attractive to fans and recruits. The quality and scale of the renovation will determine cost, but even if it's $250M or more - at currently low interest rates it could be partially paid for now and the rest bonded at half of the term of new facility. The U obviously will kick in some ($80m?). I would expect NYS to pony up most of the rest, less $20-30 million from corporate sponsors (the Yum center got 37M for naming rights). If those estimates are in the ball park, the State's contribution could be $150-175M. That is hardly a scandalous range for a facility that cost only $26M and has been a community magnet for 3 decades (until recently). NYS spends money all the time to lure private companies and support development projects that don't create anywhere near the Dome's annual economic impact. Therefore, renovating the Dome properly ... to upgrade FB/BB facilities and extend the Dome's benefits for another 20-30 years ... is a smarter fiscal path than underfunding (i.e., wasting) the facility as an asset AND THEN risking an additional $500+M on a new multipurpose public forum in the City of Syracuse;
3. In the future, if there is an independent need for a public complex at a regionally-accessible site, fine. Build something at the mall, or near the state fairgrounds. That doesn't have to involve SU. Local leaders would have to get on board (good luck), and make a business case to the State. So far that hasn't worked. If stkeholders eventually agree and NYS funds it, the authority can schedule all the concerts and monster jams it wants. In the meantime, SU's facility (roof) is not only more urgent, after 35 productive years it stands a better chance of rewarding taxpayers than a half-billion dollar public project.
