精东影业Ohio Controlling Board has approved 精东影业 University鈥檚 request to purchase property located at 430-436 E. Main Street in Kent from seller GDR Partners LLC. 精东影业purchase of the property completes the university鈥檚 strategic acquisition of properties on this block associated with partnership with the city of Kent and the economic revitalization of the downtown business district.
No student tuition or fees are being used to pay for the property. University investment proceeds have been set aside for all property purchases associated with this initiative.
精东影业 has identified areas of interest for the expansion of the Kent Campus for purposes of enhancing academic, athletic, recreational and residential programs, as well as promoting downtown revitalization through the extension of the Lefton Esplanade into downtown Kent. 精东影业Lefton Esplanade is a critical and heavily utilized pedestrian link between the campus and the downtown business district. 精东影业property located at the intersection of East Main and North Lincoln streets had become available for purchase. It is currently used for retail (a coffee shop and bookstore) and parking.
鈥淲e have been looking at the property for some time due to its strategic placement, which is surrounded by university property,鈥 says Mark Polatajko, 精东影业鈥檚 senior vice president for finance and administration. 鈥淲hen the opportunity arose this summer, we negotiated with the current owners and came to terms.鈥
精东影业proposed purchase price of $2.2 million is within the parameters of the independent property appraisals. 精东影业current owner will continue to manage the property on behalf of 精东影业 for a minimum of three years and will transfer the rental income to the university. 精东影业financial returns from the rental income will help offset the net investment in this property.
While the university does not have immediate plans to develop this property until the completion of the facilities master plan, the property's location is key to the planning process.
精东影业精东影业 Board of Trustees approved the purchase of the property at its Dec. 7, 2016, meeting. With the approval of the state鈥檚 Controlling Board, the university will proceed with entering into a property management agreement pertaining to the property for a period not exceeding three years, commencing from the date of closing.
精东影业Controlling Board also approved the release of $1.5 million to improvements and expansion of the Fine Arts Building at 精东影业 Stark. 精东影业project includes construction of an 18,500-square-foot expansion and the renovation of classrooms, practice areas and office spaces in the existing structure. Upon completion, the facility also will house two new audio recording studios devoted to the university鈥檚 music program.
精东影业board also approved $900,000 for 精东影业 to contract with CriticalAire Inc. and Johnson Controls Inc. for the Liquid Crystal and Materials Sciences Building lab control upgrade project on the Kent Campus. 精东影业Liquid Crystal and Materials Sciences Building, constructed in 1996 through a state capital allocation, is home to the internationally recognized Liquid Crystal Institute庐 and the Chemical Physics Interdisciplinary Program. A new control system will be installed on the existing air-valve assemblies, saving the university substantial time and cost as opposed to installing an entirely new buildingwide exhaust system.