JONESBORO, AR (KAIT) - A potential agreement is in the works between Arkansas State University and a development company for new student housing.
The A-State Board of Trustees will consider a lease agreement with Zimmer to "construct and operate student housing facilities on the Jonesboro campus."
In October 2015, Arkansas State University sought proposals for the student housing development.
On February 2, 2016, Zimmer was selected as the most qualified vendor for the job.
Per the proposed agreement, A-State and Zimmer will enter into a lease agreement to allow Zimmer to construct and operate undergraduate and graduate student housing facilities on approximately 25 acres of land on the campus of Arkansas State University Jonesboro.
Right now, it's not clear where that land is or how many units might be constructed.
The resolution does state that Zimmer will pay Arkansas State University $200,000 annually for 35 years for phase one of the undergraduate housing project.
"If ASUJ chooses to proceed with the Phase Two Undergraduate Housing project with Zimmer, then the annual base rent for the Phase Two project shall be One Hundred Thousand Dollars," the resolution states.
The proposed lease also discusses construction of phases one and two of a graduate housing project.
Phase one would pay $105,000 annually for 35 years. Phase two, if needed, would pay $85,000.
Per the agreement, Zimmer should be complete with both Phase One of the Undergraduate and Graduate housing projects by the fall of the 2017 school term.
The resolution also states that Zimmer is "responsible for all construction costs, maintenance costs, and operation costs of the student housing facilities."
Zimmer Development is already working on another student housing project in Jonesboro.
In October, the Jonesboro Metropolitan Area Planning Commission approved Zimmer's request to construct off-campus student housing along Johnson Avenue.
The A-State Board of Trustees meets on the matter Friday morning in Little Rock.
Copyright 2016 KAIT. All rights reserved.