UI plans two-year lease of entire IC apartment building

University of Iowa officials next week will request state Board of Regents approval to lease an entire downtown Iowa City apartment building for two years.

The agreement is necessary due to record enrollments and insufficient space to house students in existing residence halls, UI officials said in the regents meeting documents, released today. UI officials seek approval to lease the building at 121-131 Davenport St. while a new campus residence hall is designed and built.

The large three-story brick apartment building was built in 2000 and has 22 five-bedroom units, one four-bedroom unit, and two one-bedroom units. The building is a block from three UI residence halls, including Burge Hall, where university dining is available.

The lease term would be for two years starting Aug. 4, 2011, and ending July 28, 2013, with an option for a third year, at the base rate of $760,560 for the first year. The rate for year two and year three, if exercised, would be the same rate adjusted annually by either 2.5 percent or the Consumer Price Index rate accumulated for the period of the term of the agreement, whichever is higher.

Funding for the lease would be from University Housing and Dining Operating Funds.