Ohio State Receives $483M Bid For Parking Lease

OHIO — A private bidder offered Ohio State University $483 million for a lease to operate one of the university’s parking facilities for 50 years.

The arrangement is one of several measures the university has pursued in order to build its financial reserves, The New York Times reports. Ohio State recently sold 100-year bonds — a first for a public university — to raise $500 million. It also made $25 million in a deal with a local bank for campus ATMs and other services.

The university set a floor price of $375 million for the concession for its 35,000 parking spaces and took bids last week. The university trustees will vote on the deal June 22.

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