How about getting paid over $12.8 million to not build church-sponsored student housing? The deal sounded good to St. Stephen's Episcopal Church of Columbus, Ohio, where members received word this week that a June 12 property agreement with The Ohio State University was a go.
The Columbus Dispatchreported that as part of the agreement, the church will no drop its plans to build a 280-student apartment building on its property. The school also gets first dibs on purchasing any property the church might decide to sell in the future, the ability to offer input on future church projects, and the right-of-way to the street adjoining church property. The deal has been hailed as a "win-win" situation by St. Stephen's rector George Glazier, who noted that the church has had a "historic relationship" with Ohio State since the church opened in 1928.
In exchange for paying the church $7.5 million up-front—with yearly payments of roughly $213,000 for the next ...1