Downtown Gilbert’s Saint Xavier University will close after fall classes this year.
By Chris Coppola | The Republic
A Chicago-based university has agreed to pay Gilbert $4 million for closing its downtown campus and terminating the lease on a building the town built for the school.
The agreement will settle Saint Xavier University’s financial obligations to Gilbert and buy the town time while it looks for a new tenant, according to a town report. The town is counting on tenant lease payments to pay off the debt from the design and construction of the $37 million building for Saint Xavier, which opened in August 2015.
The four-story building was financed with town-issued revenue bonds, which were to be repaid with money generated by the university’s lease payments.
