Trustees also will consider a raise for head basketball coach John Groce (GROHS) at the Thursday meeting.
The agenda for the trustees' meeting includes the potential increase in the basketball arena's renovation budget from $165 million to $169.5 million. The agenda indicates the extra money is needed for a new scoreboard, video boards, a marquee and other items.
Work on the arena has started and is expected to be finished in late 2016.
The raise for Groce would increase his pay to by $100,000 a year to $1.7 million. His contract would also be extended by a year through 2018-19.