The Ohio University Foundation, the fundraising arm of Ohio University, authorized the sale of about 11 acres of its University Courtyard property to its subsidiary corporation for $1.
The Ohio University Foundation, OU's fundraising arm, authorized the sale of about 11 acres of its University Courtyard property to its subsidiary corporation, Housing for Ohio, for $1.
The foundation authorized the sale of the property it owns at the apartment complex to the subsidiary at the foundation's Board of Trustees meeting Friday.
The foundation established Housing for Ohio in November 1999 “with the purpose of acquiring, developing, constructing and operating a student-housing rental project,” Jennifer Bowie, executive director for Advancement Communication and Marketing, said in an email.
University Courtyard apartments, located at 366 Richland Ave., is a student housing facility built by Housing for Ohio in 2001, according to the corporation’s June 2015 financial report.
According to the resolution passed by the foundation’s trustees, the decision was made to allow Housing for Ohio to have sole ownership of the properties so it can maximize the apartments’ sale price.
Bowie said the foundation authorized the sale of the 11 acres to prepare the University Courtyard property for sale.
The resolution also states that the foundation will retain any interests it may have in the mineral rights of the property.
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The foundation passed a resolution authorizing Housing for Ohio to submit a bid to acquire about 21 acres of ground underneath the apartment complex. The resolution also allowed the corporation to proceed with selling the University Courtyard property.
The underground property was made “surplus” Oct. 16 at OU’s Board of Trustees meeting, according to a university news release.
“(The foundation) has determined that the University Courtyard project has successfully reached the goal of providing a more desirable student off-campus housing market, and it now desires to offer the property for sale,” the resolution stated.
In the 2015 fiscal year, Housing for Ohio had about $3.4 million in revenue and $2.6 million in expenses, with about $730,000 in net assets, according to its financial report.
As of June 30, the corporation also had about $24.9 million in assets and about $24.6 million in liabilities.
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