COCC Plans Ground Lease with Neighborly Ventures

Central Oregon Community College is considering approval of a long‑term ground lease with Neighborly Ventures Inc. for 9.39 acres in the Bend Campus Village to construct approximately 180 multifamily housing units. The 30‑year lease, with four 10‑year extension options, is projected to generate at least $150,000 annually in supplemental income, with rent adjustments every five years based on land value.

Document date · November 16, 2020

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Scope & details

The full contract record, as filed.

Contract amount

Estimated $150,000 per year initially; $168,500 per year after development cost reimbursement (figures not inflation adjusted)

Contract type

FACILITIES

Contract term

30‑year ground lease with option to extend for four additional 10‑year periods

Renewal

Initial ground lease term of 30 years with four optional 10‑year extensions; rent to be adjusted every five years based on changes in real market value of the land; income increases after reimbursement of overall Campus Village development costs to COCC and William Smith Properties Inc.

Document type

Agenda

Source document

central-oregon-community-college-agenda-2020-11-16_8c3.pdf

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the facilities contract by Central Oregon Community College?

Neighborly Ventures Inc was awarded this facilities contract by Central Oregon Community College, as recorded on November 16, 2020. The contract value is Estimated $150,000 per year initially; $168,500 per year after development cost reimbursement (figures not inflation adjusted).

How much is the Neighborly Ventures Inc contract with Central Oregon Community College worth?

The Neighborly Ventures Inc contract with Central Oregon Community College is valued at Estimated $150,000 per year initially; $168,500 per year after development cost reimbursement (figures not inflation adjusted), covering facilities work.

What type of contract is this?

This is a Facilities contract, documented as a agenda record.

Where was this contract approved?

This contract appears in central-oregon-community-college-agenda-2020-11-16_8c3.pdf (Agenda), dated November 16, 2020 from Central Oregon Community College. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Neighborly Ventures Inc hold?

Neighborly Ventures Inc may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

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What is Central Oregon Community College currently buying?

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