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MTSU asks commission to approve P3 ground lease for 554-bed residence hall
Summary
Middle Tennessee State University requested approval of a P3 ground lease to develop a 554-bed residence hall on about 2.5 acres, seeking a 40-year ground lease with a waiver of advertisement and appraisal and an option to purchase after 10 years.
Middle Tennessee State University president Sydney McPhee presented the commission with a public-private partnership plan to develop a 554-bed residence hall on approximately 2.5 acres of campus property.
"The P3 residence hall project will provide 554 student housing beds on MTSU campus via a public private partnership delivery method," McPhee said, and requested approval of "a disposal by the ground lease with a waiver of advertisement and appraisal of approximately 2.5 acres within the terms of 40 years." She said ground rents would come from surplus cash flow remaining after project expenses, debt service and reserves, and that MTSU would have an option to purchase the lease and improvements after the first 10 years.
A motion to approve the request was moved and seconded and adopted by voice vote. The action, as presented, would allow the university to proceed with the P3 delivery method and lease terms described in McPhee’s presentation.
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