BOHICA? Agreed.
Why no announced development program?
I would not want to try to voluntarily get inside the heads of the PSU brain trust (it must be dark, damp, and scary in there)........
But I would imagine two key factors:
1) They knew they were not going to be able to raise much (and Sandy is much more of a "raise prices and charge for everything" kinda' gal..... not exactly an innovative thinker)
2) They had plans to go elsewhere for the funds (University-backed Debt)
But that is just one person's impression - - - from the eyes, ears, and brain of someone who's been watching their actions for a while.
Hell, Big Gulp Barron has never even come back to explain how the Lasch Building Renovation money came to be (relatively "chump change")
....... and none of our Stewards has remembered to ask him