Trustees appoint auditor, approve lease
Jan. 27, 2003
KALAMAZOO -- In business action at their Jan. 24 meeting, Western Michigan University trustees appointed an external auditor and approved a lease deal for the former Cole-Gilmore property in downtown Kalamazoo.
Members of the Board of Trustees authorized the appointment of Plante & Moran LLP as the University's external auditor for the 2002-03 fiscal year, which ends June 30. Plante & Moran has served in that role since the 2000-01 fiscal year.
Trustees also approved the lease of the downtown facility that once housed the Cole-Gilmore car dealership. Several buildings and pieces of land were donated to WMU in December 2001 by Kalamazoo-area businessmen Joseph Gesmundo and Tom Cole. Trustees signed off on a three-year lease for a vacant portion of the main facility to the owner of Momma Maria Inc., who intends to open a car detailing business there. Momma Maria joins eight other tenants leasing space on the properties.
A 60-day cancellation clause will be available to both WMU and the tenant. The monthly rent will start at $1,000 in the first year and rise to $1,250 and $1,500 for years two and three, respectively. WMU uses rental income from the properties to help offset maintenance, utility and mortgage interest expenses while a final use for the property is being considered.
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