Madison College Renegotiates Downtown Campus Lease With Hotel Developer | Higher Education

Some other companies have expressed interest in the site, so Thomas said that if a better deal came up, the MATC would have an opportunity to pursue it, although that is not something the college is actively pursuing at this time.

In the meantime, Drury will pay rent at a reduced rate. The company paid its rent of $ 700,000 in 2020, but was behind on its 2021 payment due on July 1. The revised conditions ask Drury to pay $ 350,000 per year until 2023, when the rent will rise to $ 500,000 and gradually increase over the following years until 2031, when Drury would resume his normal schedule. of payment.

The amended terms provide about $ 2 million less than MATC would have received in the first 10 years of the original lease, but add two years to the 98-year lease to make up the difference.

“All in all, over time that keeps the college pretty close to its entirety,” Thomas told board members.

MATC closed its downtown campus in spring 2019 to make way for its Goodman South campus at South Park Street and Badger Road.

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