The MCC Board of Trustees met on Thursday, Feb. 23, and took the following action:
1. Extended the lease of its downtown campus located at the Sibley Building, 228 East Main Street, Rochester, New York, for a period of five (5) years at an annual rate of $3,350,000/year with escalators of 5%/year.
President Kress shared this news with the college community yesterday (Wednesday, Feb. 22) via this broadcast email:
I’m pleased to share with you that MCC, Rochwil Associates L.P. (owner of the Sibley Building) and Winn Development (proposed developer of the building) have agreed upon terms for a five-year extension of our lease at the Sibley Building. This agreement allows us to maintain the continuity of our offerings downtown while we move forward in planning for our new campus at the Kodak complex on State Street and Morrie Silver Way.
Given the media attention on this issue, I wanted to let you know of this development as soon as possible.
Our lease rate is $3.35 million annually, with a 5 percent escalation each year.
Please join me in thanking the MCC team that has been working on these negotiations: Chief Financial Officer Heze Simmons, General Counsel Diane Cecero, DCC Executive Dean Pete Otero and their respective teams.
Let me also thank our partners at Rochwil Associates and Winn Development for their willingness to work with us to find terms that meet the needs of all parties, including the College’s need as a public institution for a fiscally responsible lease.
Cynthia Cooper
College and Community Relations
02/24/2012 |