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MTSU asks commission to approve P3 predevelopment agreement for 550-bed residence hall; commission adopts
Summary
Middle Tennessee State University presented a public–private partnership predevelopment agreement to build about 550 student housing beds; commissioners approved the agreement after questions about how rates will be set and whether enrollment guarantees are included.
Middle Tennessee State University President Dr. Sydney McPhee asked the State Building Commission to approve a predevelopment agreement with the Annex Group for a public–private partnership to deliver a new residence-hall project.
"The P3 residence hall project will provide approximately 550 student housing beds to the MTSU campus," McPhee said, and the agreement would allow design activities and negotiations to proceed until a ground lease is returned to the commission for final approval. McPhee said MTSU plans to return in November for ground-lease approval.
Commissioner Bryson asked how the university will ensure the housing is "affordable" and how rates will compare with privately owned apartments and existing university dormitories. McPhee said a committee made up of the developer and university will recommend rates and that "we anticipate that it will be very much competitive, but not as high as what we see around the university campus." She also said there is no contract provision that would require a third party to fill beds if enrollment drops.
A motion to approve the predevelopment agreement was made, seconded and adopted by voice vote. The commission took no recorded roll-call tally in the transcript.
