State panel OKs OSU-Cascades campus purchase
Updated On: Sep 21 2013 11:45:26 PM CDT
The Finance & Administration Committee of the Oregon State Board of Higher Education on Friday approved Oregon State University – Cascades’ purchase of two real estate properties comprising 56 acres in southwest Bend, paving the way for a physical campus for the branch campus.
Sales of the purchases, totaling about $13 million, will close following a due diligence period on each.
The closing on the 10-acre parcel currently owned by Cascades Property Holdings, LLC is anticipated in October. The closing on the 46-acre property, owned by 4-R Equipment, LLC is anticipated in March.
The extended due diligence period for the larger parcel, part of which contains a pumice mine and the balance of which is zoned for residential use, allows the university and seller to fully develop and assess a remediation plan.
University leaders are working with the city of Bend and the Campus Expansion Advisory Committee to outline a master planning process and engage stakeholders from throughout the community in order to develop a university campus that aligns with the educational, economic and cultural needs of the region.
The branch campus plans to expand to a four-year university, welcoming its first freshmen and sophomores in fall 2015.
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