FACILITIESAPPROVED

Cleveland State University Minutes Board of Trustees Meeting 2026-03-19

CSU Leases Lot 50 Parking to Cross Country Mortgage

$30,700/month (5% annual increase after initial term); resurfacing cost not to exceed $110,000 paid over first 12 monthsCleveland State UniversityCROSS COUNTRY MORTGAGE LLCMarch 19, 2026

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Description

The Board of Trustees approved leasing CSU Lot 50, a 239‑space surface parking lot, to Cross Country Mortgage, LLC for $30,700 per month with a five‑year initial term and automatic one‑year renewals. CCM will fund up to $110,000 in resurfacing costs and assume maintenance and oversight responsibilities for the lot.

Contract Details

Contract Amount

$30,700/month (5% annual increase after initial term); resurfacing cost not to exceed $110,000 paid over first 12 months

Vendor

CROSS COUNTRY MORTGAGE LLC

Agency

Cleveland State University, OH

Contract Type

FACILITIES

Document Date

March 19, 2026

Contract Term

Initial term 5 years, with five (5) automatic 1‑year renewals unless terminated with 90 days’ notice

Renewal Info

Initial 5‑year lease term followed by up to five automatic 1‑year renewals unless either party gives at least 90 days’ written notice before the end of the then-current term. Rental rate increases 5% per year after the initial term. University retains a redevelopment right with six months’ notice and must repay unamortized resurfacing costs if exercised.

Issuing Agency