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Controlling Board approves University of Akron sale of Quaker Square after members question purchase, maintenance and bonds
Summary
The State Controlling Board approved the University of Akrons sale of Quaker Square after members pressed university and Department of Administrative Services officials about the propertys 2007 purchase price, an estimated $57 million in deferred maintenance and how outstanding bonds will be handled.
The State Controlling Board on April 7 approved the University of Akrons proposed sale of Quaker Square after board members questioned the university and Department of Administrative Services officials about the propertys history, costs and outstanding debt.
Board members pressed the university and DAS on details of the transaction and on the condition and valuation of the property. Senator Wilkin asked whether an appraisal had been done at the time the university purchased the site and how deferred maintenance reached the current estimate. A university representative told the board, "Madam President, Senator Wilkin, this…
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