Saint Xavier University to pay Gilbert $4M for closing campus, ending lease early

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.

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January 13, 2017

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