Three Rivers College will have a new agreement regarding its Dexter campus.
The board of trustees has approved a move toward purchasing the building.
Dr. Wesley Payne, TRC president, said the college has been renting that facility for 10 years
“This has been a long time coming,” he said. “We are committed to Dexter. Dexter is committed to us. It worked out for both of us to enter into a lease-purchase agreement for the building.”
The college and city of Dexter are expected to sign documents soon to finalize the agreement.
It is not an immediate purchase. The agreement is closer to a lease to own.
Payne said the college will continue to pay rent for the next four years, at which point the ownership of the building will be handed over to TRC.
The total cost, he said, will be $450,000 with $100,000 of that paid in rent each year.
The building, located at 515 W. Market St., is used for classrooms and labs, Payne said.
Programs offered there include: behavioral health support; general education; green diesel technology; information systems technology; medical coding; and welding.
The 17,000-square-foot facility includes two parking areas, a student lounge, college store, seven classrooms, three computer labs, a science lab and two green diesel technology labs.
Payne said some of the money previously spent on rent for the facility will go back into operational funds.
“Of course 100% doesn’t go back to operations because now you own a building and you’re responsible for the upkeep on it,” he said. “But, it turns out to be positive in the budget after you get it done.”