HIGH POINT, N.C. -- High Point University's President Nido Qubein is promising to raise $38 million before September 15th. The money will go toward developing the area where the new stadium will be going in.

Dr. Qubein's vision is a destination for everyone. He hopes to use the money for an events center, a children's museum, an urban park with a playground and an educational cinema. He's not worried about competing with nearby Winston-Salem and Greensboro who offer similar attractions.

"High point is a city of 110,000 people," explains Dr. Qubein. "We have a thriving university, we have the furniture market, the best in the world and so, High Point deserves to have its own thing."

Qubein made his announcement at the city's annual Convention and Visitor Bureau's meeting. He also said he's accepted an offer to be chair of the Forward High Point Board working on this project.

"It's got to be one of the most exciting announcements that we've heard in the past 50 years for High Point," explains Randy Hemann, High Point's Assistant City Manager.

Qubein says he's confident he'll raise the money before his deadline, saying he's already been talking to big donors and expects there to only be a handful of people contributing. He says High Point University will be one of the donors and adds any donor to this project won't get anything in return.

"When it gets done, it's all a gift to the city," Dr. Qubein tells. "It's all giving back to the community."

The $38 million dollars in philanthropic funds will not be used to build the stadium The city is working on that; securing $15 million to buy the land they need and an additional $30 million to build the stadium. It's not coming from taxpayer dollars; the city will be borrowing the money and plans to pay it back with revenue from the stadium, like leasing agreements and ticket sales.

Stadium construction is expected to start within the next 8 months and the project is expected to be completed by spring of 2019.