From The Columbus Dispatch: Ohio State University officials plan to ask the school's Board of Trustees later this month to approve a lease for the university's parking operation that will pay Ohio State $483 million over 50 years.
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From The Columbus Dispatch: Ohio State University has been offered $523 million by private investors to lease its parking operation. But it would have to allow parking rates to rise by as much as 7.5 percent a year for the next decade to get that money. Campus leaders don’t want to do that, so they say are sticking with a $483 million bid that would cap the annual increase in parking costs at 5.5 percent. Even though the $483 million is not the highest bid, it is still $108 million more than the $375 million that officials said the university needed to make a lease agreement worth considering. It would help the university increase its endowment by a projected $4.9 billion over the 50 years of the lease, assuming an average annual return of 9 percent on its endowment.
