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State Controlling Board approves sale of University of Akron’s Quaker Square amid questions on deferred maintenance and bonds
Summary
On April 7 the State Controlling Board approved the University of Akron’s planned sale of Quaker Square; lawmakers pressed university and state officials about the property’s purchase price, an estimated $57 million in deferred maintenance and how outstanding bonds will be satisfied.
The State Controlling Board on April 7 approved the University of Akron’s planned sale of the Quaker Square property, despite questions from lawmakers about its purchase history, current condition and bond obligations.
Senator Wilkin pressed agency and university representatives over the economics of the sale, noting, “we paid $22,700,000 and we are now gonna turn around and sell this for $800,000.” The university representative told the board the state acquired the property in February 2007 for $22,700,000 and used it for student housing until enrollment declines made the facility largely surplus after 2019.
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