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Controlling Board approves sale of University of Akron’s Quaker Square after questions on deferred maintenance and price
Summary
The State Controlling Board on April 7 approved the sale of the University of Akron’s Quaker Square property. Lawmakers pressed university and Department of Administrative Services representatives on the property’s 2007 purchase price, roughly $57 million in deferred maintenance, prior listing history and how outstanding bonds will be satisfied.
The State Controlling Board on April 7 approved item 19, authorizing the sale of Quaker Square, a University of Akron property that the university bought in February 2007 for $22,700,000.
The sale drew sharp questions from members of the board because the university and state officials say the site now has an estimated $57,000,000 in deferred maintenance and the reported current purchase price is $800,000. Lawmakers pressed university and Department of Administrative Services officials about prior appraisals, listing history and how bond obligations on the property will be handled.
Senator Wilkin, a member of the controlling board, summarized the concern in blunt terms: “So we paid 22.7 and we are now gonna turn around and sell this for…
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