Frank ThomasStaff Writer'''The Ohio University Board of Trustees approved the purchase of the currently vacant Sigma Chi residence at its meeting last Friday.
The house, located at 15 Park Place between Baker University Center and the presidential residence, will be converted into a new international center.
Michael Angelini, associate vice president for finance, said the university expected to pay $700,000 for the property and would use a $2 million gift from an anonymous donor to make the purchase.
Owned by The Sig House Company, an arm of the Sigma Chi National Fraternity, the property is valued at just under $600,000 by the Athens County Auditor.
According to Angelini, the initial asking price for the house was more than $1 million, but the university was able to negotiate the price.
The $1.3 million remaining from the original gift will fund all necessary renovations, he said.
The house could
to say the least use some work he said.
Real estate negotiations began in July and ran simultaneously with the university's courtship of the anonymous donor, Angelini said, adding that, though he was kept in the loop
the donor did not drive the negotiations.
According to Angelini, both the exact price paid for the house and its future purpose were detailed in the gift agreement between the university and the anonymous benefactor.
Harry Wyatt, associate vice president for facilities management, said that while it is planned as an international house, the specific offices, occupants and functions of the new facility had not been decided.
The project is very much in its infancy
he said.
The Yamada House has served as OU's international center since 2003 when it was renovated by the university and rededicated under its current name.
Wyatt could not provide specifics, but said Yamada House would still be in use.
Sigma Chi was officially suspended from campus in April 2003 for numerous infractions including false report of emergency and unauthorized use of alcoholic beverages
according to OU Judiciary Records.-
he said, adding the university had wanted to purchase the property for a long time.
This is a great opportunity to improve the neighborhood
he said.ft980608@ohiou.edu
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