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LINCOLN, Ill. (WAND) — The former Lincoln College campus has been purchased by an entity known as EZ 37:4-5, which plans to offer eligible nonprofits and businesses $1 leases to encourage job growth and investment in Lincoln.
Lincoln College closed in 2022 after facing enrollment issues during the COVID-19 pandemic. Since then, the buildings have sat vacant in the city of Lincoln.
“The building you see behind me, as well as all the remaining commercial buildings on campus, are available for dollar leases, multi-year dollar leases, with the goal of bringing jobs and other opportunities into the community,” said Lincoln Economic Advancement & Development CEO Uriah Kilgallin.
Under the program, nonprofits that want to expand in Lincoln can lease space on the campus for $1. The release said nonprofits that meet agreed-upon job growth goals could eventually receive the property through a donation.
For-profit businesses can also apply for $1 leases. Those businesses may have the option to purchase property over time for an estimated $40 to $50 per square foot, according to the release. Specific terms will be outlined in each lease agreement and are expected to focus on job growth and economic opportunity.
“We want to show people that there’s a lot of opportunity that can be found here,” said Kilgallin. “We can’t really put a number on exactly what’s expected, but we’ve cast a wide net, and we’re really looking forward to seeing how people respond to it.”
Lincoln Economic Advancement & Development, or LEAD, is supporting the effort. The organization has issued a Request for Interest covering five campus buildings, with more requests expected later.
Kilgallin says offering a one-dollar lease isn’t just about filling buildings, it’s about making a difference.
Kilgallin believes the campus offers many advantages for organizations looking to move in.
“The campus, like a lot of college campuses, is very walkable. It’s got some really cool old trees,” said Kilgallin. “You’re also right in the middle of the community, about five minutes from everything, as well as a bunch of other beautiful natural parks. There’s a lot that can be offered here.”
Organizations interested in the program can find application materials, building plans, and other information at leadlincoln.com .
A walkthrough of the buildings included in the current request is scheduled for 1 p.m. Sept. 29 at the campus, 300 Keokuk St. in Lincoln. Those attending should meet in front of University Hall.