MSU proposes bonds for $17.7M Brick City purchase

The Missouri State University Board of Governors this afternoon is scheduled to consider a measure to issues bonds that would pay for a $17.7 million purchase of downtown’s Brick City.

With approval, MSU would buy four buildings at 215, 327 and 305 W. Mill St. and 420 S. Campbell Ave. from Brick City LP and Brick City Two LP. The agenda for today’s meeting includes signatures agreeing to the sale from Matt E. Miller of Miller Commerce LLC, representing the two selling companies.

MSU has leased portions of Brick City since 2009 with an option to purchase. The university also has a two-year option to purchase “Building 6” in the development area. After the two years, it would have first right of refusal for five years. In terms of parking, the Missouri State Development Corp., an MSU entity, plans to buy the Brick City lot and lease it to the university.

School officials estimate its bond payment obligations would be lower than lease payments at Brick City, according to the agenda.

MSU uses Brick City for its Department of Art and Design, its art gallery and its cooperative pharmacy program with the University of Missouri-Kansas City School of Pharmacy. Marlin Network leases a portion of one of the buildings, and that lease would transfer to MSU with the purchase, according to the agenda.

The Brick City purchase would “further the educational and public purposes” of MSU, according to the agenda.

Brick City is part of the larger IDEA Commons development area, where MSU and The Vecino Group are working through plans for up to $55 million of work, including a four-story office and expansion of Jordan Valley Innovation Center.