MADISON, Wis. - The Madison Area Technical College District Board of Trustees granted college officials the authority Wednesday night to enter into negotiations for a ground lease agreement for the development of its downtown campus, according to a release.
The Madison-based Hovde Properties and Drury Southwest proposal was unanimously approved by the board, officials said.
Madison College said 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.
The college will now 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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