Northern Michigan University Resolution Approving Construction and Completion Assurance Agreement for Career Tech and Engineering Technology Facility 2026-05-29
State joins NMU in facility lease-finance agreement
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Description
Northern Michigan University’s Board of Trustees authorized the State of Michigan to enter into a Construction and Completion Assurance Agreement and long-term lease with the State Building Authority for the Career Tech and Engineering Technology Facility. The arrangement includes Authority-funded project costs up to $19,994,800 and annual lease payments capped at $1,635,000 for 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 OF MICHIGAN
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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northern_michigan_university_charter_school_author.pdf
northern_michigan_university_charter_school_author.pdf
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