Terra lands $1.5M gift
Donation to help with residence hall funding
FREMONT — Terra State Community College announced Thursday it has received a monetary gift — the largest gift to date — to help alleviate financial stress on the institution from its housing project.
The college received a $1.5 million gift from Frank Murphy and University Housing Solutions. It lessens the need for Terra Village Holdings and UHS to call on the college’s lease guarantee for the new student housing, The Landings at Terra Village.
“This gift has given us the gift of time,” Ron Schumacher, interim president at Terra, said.
The Terra State Board of Trustees approved a $1.5 million dollar guarantee for predevelopment of the student housing project.
“The gift is meant to offset any deficits incurred in the first year of The Landings being open if it does not reach the agreed upon 90-percent capacity” Tom Kern, president of TVH board of directors, said. “This generous gift essentially eliminates this guarantee and ensures the college is not financially responsible for the project and, in turn, no taxpayer money will be used to fund the project.”
The Landings is a 225-bed residence hall that is to include four room options — one-bed studio, two-bed single, two-bed double and four-bed. Each unit is to have its own living, kitchen and bathroom areas.
In addition to residential offerings, there is to be 5,000-square foot retail component.
Kern said there are 32 signed leases for students with 82 applications submitted. No retail agreements have been signed, but Kern said Terra is to work with its community partners.
The project is set up be competed by Aug. 13 at a projected cost of $19.6 million.
Schumacher said UHS also has delivered a gift of helping the college offset any deficit the college may see. Terra’s project deficit is $550,000-$750, 000. The funds UHS will be giving the college funds them for three-semesters, he said.
“Now our work is to fill the residence halls with students for this fall,” Schumacher said.
The project is behind schedule, due to weather, bad soil and the loss of a contractor.
Phase One to complete the project is to finish Building B to accommodate 60-70 students in the fall. Building A is set to be complete by August 2019 with the connector to the buildings being completed
Schumacher said the college has been working on a memorandum of understanding between Terra Village Holdings, which was created because Ohio community colleges are not allowed to own residence halls, and University Housing Solutions about who has financial responsibility for the facility.
Schumacher said the college will continue to work with the Ohio Attorney General’s Office to define these functions.