Boise State University will purchase a 90,000-square-foot office building, as part of a long-term plan to move some administrative functions off of campus.
The sticker price of up to $22.5 million will come from bonds and lease proceeds. No general fund tax dollars will go toward the purchase.
Boise State already uses about 26,000 square feet of the property at 960 Broadway Ave., a mirrored building across the street from Albertsons Stadium. Other tenants use the rest of the space.
That mix isn’t likely to change overnight. Boise State plans to use lease payments from non-university tenants to cover the cost of the bonds, university spokesman Greg Hahn said Thursday. The bond payments are expected to run about $1.3 million per year.
In time, however, the office space purchase is expected to “create a long-term location for BSU to relocate and consolidate non-academic functions to free up space in the core of campus for academics,” according to a State Board of Education memo.
Boise State hopes to close on the purchase by May 11.
The State Board approved the purchase this week during its meetings at Boise State.