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FacebookUD gets $5 million from NCR for development
Tuesday, December 30, 2008
Extras
UD unveils master plan for expanded campus.
Artists rendering of the proposed long-term plans that include a mall framed by Marycrest complex, upper right, and a library/academic building, lower left, as part of the University of Dayton campus master plan.DAYTON — NCR Corp. will donate the equivalent of $5 million to the University of Dayton that will help UD transform property along the Great Miami River.
NCR is relinquishing all participation rights in the commercial development of the largely unused 50-acre parcel UD purchased from the company. The gift allows UD the flexibility to develop the land for academic and mixed use without sharing a portion of future revenues. The property runs from Brown Street to the Great Miami River.
"We are very grateful to NCR for its support in helping the university turn this land into productive use again," said UD President Daniel J. Curran on Tuesday, Dec. 30.
In 2005, UD purchased land, two buildings, two parking lots and two practice fields from NCR for $25 million, expanding its campus by nearly 25 percent. NCR retained $7 million in participation rights in any commercial development on the land. Under a new agreement reached this month, NCR waived $5 million and UD paid $2 million for the remaining rights.
The property, part of which is considered a brownfield, has remained largely unused since the 1970s when NCR removed most of its manufacturing facilities. UD has received nearly $11 million from the Clean Ohio Revitalization Fund, the U.S. Army Corps of Engineers and the Department of Housing and Urban Development for environmental cleanup and infrastructure improvements. In December 2007, the Ohio Environmental Protection Agency approved an Urban Setting Designation (USD) for the site to encourage redevelopment.
