Trustees approve leases on tower, in downtown facility
March 31, 2003
KALAMAZOO -- In business action at their March 28 meeting, Western Michigan University trustees authorized the lease of space on a communication tower and in a downtown facility.
Members of the Board of Trustees approved the lease of space on the University-owned communication tower that serves public radio station WMUK-102.1 FM. University officials were authorized to execute the necessary lease agreements for up to six commercial tenants. AT&T Wireless has already expressed an interest in the newly built structure, which is located between Plainwell and Richland, Mich. University officials are already negotiating the details of a long-term lease with AT&T, with a monthly rent in the range of $1,200 and a five-year term with two five-year renewal options.
Trustees also authorized WMU officials to lease space in the University-owned downtown complex that once housed the Cole-Gilmore car dealership. They approved the lease of an additional 4,000 square feet of space to current tenant Mama Maria Inc. Rental payments will start at $800 per month and increase to $900 and $1,000 monthly in years two and three of the three-year agreement.
The lease of space in that same complex to KC's Budget Auto also was approved by members of the Board of Trustees. That business will occupy some 1,800 square feet in the facility known as the Hertz Building and a five-bay garage nearby. Although currently occupied, these facilities will become available soon, as WMU and the current leaseholder have mutually agreed to terminate the existing agreement. The three-year lease calls for monthly payments of $1,100 in the first year, $1,200 in the second year and $1,300 in the final year. Effective April 1, the lease agreement also includes an option for two additional years, although the University reserves the right to terminate the lease after three years with 90 days notice.
Media contact: Jessica English, 269 387-8400, email@example.com