The University is one step closer to purchasing a piece of property on Franklin Boulevard, currently owned by a private donor organization, and is getting permission to increase fundraising for Hayward Field’s renovation.
On Friday, the State Board of Higher Education rubber-stamped two University proposals to be brought before the Oregon Legislative Emergency Board, a special committee that makes decisions while the legislature is not in session, on Dec. 1. The board authorized the University to seek approval to raise an additional $25 million in funds for a planned renovation, according to a press release. Although the funds, which will be used to prepare the facility for the 2008 U.S. Olympic Track & Field Trials and the 2010 NCAA Outdoor Track & Field Championships, will come entirely through donations, state entities are required to seek approval from the legislature, University spokesman Phil Weiler said.
The University also has approval to ask the Emergency Board to use proceeds from the Westmoreland Family Housing Complex sale to purchase the former Joe Romania car dealership property, located at 2020 Franklin Blvd. and 1425 Walnut St.., Weiler said. One remaining caveat includes two private appraisals of the property.
The University of Oregon Foundation, through Oregon Future Expansion LLC, purchased the Romania property in March 2005. Since then, the University has paid the foundation $75,000 per quarter for rent and up to $100,000 per year for tax expenses. Assuming the emergency board approves the sale, the money will be redirected to pay student housing expenses, according to the meeting docket.
The transfer to the University must be completed by Dec. 31 in order to prevent the UO Foundation from having to refinance the short-term loan it took out on the property.
At present the University is looking to purchase the property for $5.3 million, with additional closing costs not to exceed $400,000, an “amount equal to O.F.E.’s outstanding debt on the property plus its direct costs associated with the original transfer and with this transfer,” according to the meeting docket.
When the University sought approval to sell Westmoreland, the plan was always to use some of the money for the Romania purchase. Vice President of Finance and Administration Francis Dyke first suggested that the proceeds from the Westmoreland sale would be used to purchase the Romania property in January 2006.
Currently, University Facilities uses some of the space on the Romania property to store surplus items, but specific plans for the property’s future will be made if and when the Emergency Board approves the sale, Weiler said.
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