Thomas Bradley / For the Lantern
The Ohio State Board of Trustees met this week to discuss and approve several university matters, including a parking deal with QIC Global Infrastructure, head football coach Urban Meyer’s contract, and an increase in student tuition.
After committee meeting sessions on Thursday, the Board convened Friday and unanimously approved all matters on the agenda.
Absent from the meeting was former Chairman Les Wexner, who resigned from his position on the Board earlier this month.
Current Chairman Robert Schottenstein spoke about Wexner’s contributions to OSU at the opening of the meeting.
“Since our last Board meeting, Les has retired from this Board. As everyone in this room knows his commitment to Ohio State and his love for this university is frankly unmatched, and at times has no bounds,” Schottenstein said.
No reason was given for Wexner’s resignation.
Tuition Increase Approved
The Board of Trustees unanimously approved a 3.5 percent tuition increase for the 2012-2013 academic year during a Friday meeting. The rate increase will become effective Fall Semester. The Board also approved a fee freeze, which will make the overall payment 3.2 percent higher than what students were paying for the previous academic year.
The increase will add an extra $312 to the average in-state undergraduate student’s bill, paying $9,615 in tuition and $421 in mandatory fees. According to a university release, the increase brings the annual cost of in-state tuition to $10,036.80. Non-resident and graduate students will also see a 3.5 percent rate increase.
50-Year Parking Lease Approved
QIC Global Infrastructure, an Australia-based investment company, placed a $483 million bid for university parking earlier this month, approved Friday by the Board. The agreement set forth included a 5.5 percent cap on rate increases for the first 10 years. After 10 years, rates will be capped at 4 percent or a rolling five-year average of inflation, whichever is greater.
The agreement will not take affect until the 2013-2014 school year.
LAZ Parking handles more than 600,000 parking spaces nationwide, including 15,000 university spaces at Brown University and Boston College, among others. OSU would be the first public university to privatize parking assets, which includes 36,000 parking spaces, according to a QIC press release.
Other agenda items approved include:
• $48.2 million released for construction and expansion at the Wexner Medical Center as part of a $1.1 billion project.
• Urban Meyer’s contract as head football coach. This term became effective November 28, 2011 and is extended through January 31, 2018.
• A $500 additional fee per semester for international students.
• Concrete repair and waterproofing at Ohio Stadium that will begin following the 2012 football season and is due to be completed before the 2013 season. The total cost of the project is $4.3 million.
• A 4.8 to 5 percent increase of room and board fees.
• A fee for students enrolled in 18 or more credit hours on semesters, to be evaluated on a half-credit hour basis.