State auditor reviewing University of Iowa sale of AIB property in Des Moines
Iowa State Auditor Rob Sand is reviewing the bidding process and the bids related to the University of Iowa’s pending sale of the former AIB College of Business campus in Des Moines.
The Board of Regents next week will consider approving the UI’s sale of nearly 14 acres that previously housed AIB to a nearby apartment complex — the Village at Grays Lake LLC — for $7.5 million, a fraction of its value when donated to the UI in 2015.
At the time of the gift — originally intended for a UI satellite campus in Des Moines — the full 20-acre campus was valued at more than $30 million.
After original plans fell through and a re-envisioned “Iowa Center for Higher Education” struggled to build enrollment — losing millions — administrators in 2018 announced plans to close the campus and sell a pared down 14-acre chunk of the gifted property.
Read more: https://www.thegazette.com/subject/news/education/state-auditor-reviewing-university-of-iowa-sale-of-aib-college-of-business-property-in-des-moines-20190531
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