Northern Michigan University Resolution Approving Construction and Completion Assurance Agreement for Career Tech and Engineering Technology Facility 2026-05-29
NMU approves facility finance and lease with SBA
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Description
Northern Michigan University’s Board of Trustees approved agreements with the State Building Authority to finance, construct, and lease back the Career Tech and Engineering Technology Facility. The Authority will fund up to $19,994,800 in project costs with lease payments capped at $1,635,000 per year over a term of up to 40 years.
Contract Details
Contract Amount
Not exceeding $1,635,000 in any 12-month period; Authority to pay Facility costs not in excess of $19,994,800
Vendor
STATE BUILDING AUTHORITY
Agency
Northern Michigan University, MI
Contract Type
FACILITIES
Document Date
May 29, 2026
Contract Term
Lease term not exceeding 40 years
Renewal Info
Initial lease term not to exceed 40 years with annual rental not to exceed $1,635,000; no explicit renewal options described in the resolution.
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