Overview
- The Board of Regents approved the sale in a 9-2 vote, with Regents James Farnsworth and Robyn Gulley dissenting.
- Only the house changed hands as the university retained the 1.62-acre site and granted the foundation a 40-year no-cost land lease.
- The foundation will fund at least $6 million in renovations, sale proceeds will seed an endowment, and the university will pay no base rent.
- Renovations are expected to conclude by December, when President Rebecca Cunningham is slated to move in under her employment agreement.
- The $2.2 million price is below a $3.4 million assessed value, and two regents objected to what they called a rushed, less transparent process.