MADISON, WIs. - Madison College will recommend to its board that Hovde Properties and Drury Southwest get the opportunity to lease its downtown campus for a housing and hotel project.
In a news release Thursday, Madison College said that the proposal submitted by Madison-based Hovde and Drury is "in the best interest of the college and the communities it serves."
Four other proposals were under consideration since January, officials said. Officials began the process of reviewing the proposals in mid-March. Team experience, market feasibility and projected revenue to the college were among factors considered.
The Hovde-Drury ground lease proposal offers the potential of more than $200 million over the term of the agreement, starting with an initial payment of $750,000 that escalates throughout the potential 98-year term of the agreement.
"It is our responsibility to make decisions that place the needs of our students and communities first," Daniels said in the statement.
The college will recommend Hovde and Drury to its District Board of Trustees on Wednesday.
Additional information regarding the criteria used in selecting Hovde and Drury will be shared at a special meeting at 4:30 p.m. Monday in Room 122/130 at the MATC Administration Building, 1701 Wright St. The meeting will include an opportunity for public comment, officials said.
A college official said Madison College will use the money from leasing the land to reinvest in tools, technology and programs to help students, and will help offset inconsistent funding according to Daniels.
"Funding in our world, we don't know what it's going to be year to year so this is giving us that safety net," Daniels said.
If the MATC board approves the recommendation, the college will submit documentation to the Wisconsin Technical College System board to begin its approval process. Pending approval, the college will vacate the property so redevelopment of the site can begin in 2019.
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