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            "text": "How a $250-Million Campus-Housing Deal Went Bad - The Chronicle of Higher Education",
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            "text": "12/1/19, 2:40 PM",
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            "text": "The standoff also highlights the importance of leadership to the success of long-term projects, the risks inherent in rocky presidential transitions, and the potential for problematic projects to cause reputational damage for universities in a time of rising skepticism of higher education."
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            "text": "Boren was following a well-worn path by pursuing a P3, which is designed to offer something valuable to every party to the deal. Colleges get access to money to build without having to borrow or raise millions. Private-capital investors can put their money into seemingly safe vehicles — public colleges, for example — that are typically defined by their stability and longevity."
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            "text": "The Cross Village deal, as agreed to in 2017, was fairly standard. The university owned about 10 acres of land where it wanted to build a dormitory. So it entered into an arrangement called a “ground lease” with a subsidiary of the Provident Resources Group, a nonprofit development and finance firm."
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            "text": "Under the terms of the agreement, the Provident subsidiary leased the site for 50 years and borrowed about $250 million to finance the deal. Balfour Beatty Campus Solutions, the actual developer, oversaw the design and construction of the residence hall and parking garage."
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            "text": "Provident was supposed to receive the revenues from student-housing fees until the bonds were paid off. The university was supposed to rent the 1,000 parking spaces and about 40,000 square feet of ground-floor retail space from Provident, collecting student-parking fees and charging commercial tenants rent, and then making an annual lease payment back to Provident."
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            "text": "The housing fees and the rent from the university, in turn, would help Provident pay off its debt."
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            "text": "According to Steve E. Hicks, the founder and chief executive of Provident, if Boren had remained in office for another year or two, the project would have been an “outstanding success.”"
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            "text": "But that's not what happened."
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            "text": "Page 58 of 276",
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