- September 27, 2016
- September 22, 2016
- September 8, 2016
Colleges and universities are on a tight budget these days and are looking for ways to help decrease spending through cost-cutting alternatives.
The University System of Georgia scored a major win for one such alternative after an overwhelming majority of Georgians (74 percent vs. 26 percent) voted in favor of a measure to extend property-tax exemptions to private corporations involved in public–private partnerships (PPPs) to construct and manage properties on campuses. This measure will keep college students from having to absorb costs for local property taxes — with major cost-cutting potential for the schools as well.
The University System of Georgia entertained four bids for the first phase of its PPP arrangements, which will involve managing existing student housing units at nine campuses as well as new properties under construction for fall 2016. Corvais Campus Living won the deal and is scheduled to begin construction in April 2015. The overall PPP plan could help alleviate $4 billion in debt for the school system.
These types of arrangements are gaining popularity around the country, as they often provide a win-win situation for both the school, which is able to potentially reduce construction costs and decrease debt, and the developer, which can gain access to new locations with less risk.
Learn about the perks and benefits of working in residential property management and some of the reasons the industry provides career growth, stability and endless opportunities.