UWSP to Buy Former Mid-State Building
The Michigan Ave. building which formerly housed Mid-State Technical College could soon have a new owner.
The Stevens Point Common Council on Monday approved a lease-purchase agreement with UWSP, where the school plans to hold its health care classes. The lease calls for rent of $100,000 each year, with a purchase price of nearly $1.4 million.
The agreement also requires the city to administer $2.5 million in building improvements, which will be reimbursed to the city by the university.
The move would not put the building, located at 933 Michigan Ave., back on the city tax rolls as UWSP is a tax-exempt entity. But it would help bridge the gap in expenses for the building- City Treasurer Corey Ladick last month said the city had been paying about $25,000 monthly for maintenance of the building since it was vacated by MSTC in early 2014.
The university plans to upgrade the building in the summer of 2015.