MSJC to sublease extra space at Temecula site/PE
November 15th, 2008http://www.pe.com/localnews/inland/stories/PE_News_Local_N_space15.4184c17.html#
“MSJC isn’t using all the space in its leased Temecula Ed Complex building, so it will sublease space to Chapman University College, which will offer students a chance to earn bachelor’s or master’s degrees on site.”
MSJC pays $46,782.45 monthly rent for 28,353 sq.ft of leased space. Chapman will sublease 3,875 sq.ft. for a starting rent of $6,393.75 per month plus utilities and maintenance. The sublease continues through the term of MSJC’s lease, ending January 31, 2011.
Blog:
The lease of $600,000 per year plus improvements to the building estimated to be $1,000,000 is a very costly endeavor financed with re-financed lease revenue bonds which carry an annual general fund expense of $850,000.
The district currently owns an empty 15 classroom building on the Menifee campus needing improvement to meet field act requirements. Once improved, the empty Menifee buidling would qualify for state growth funds and permanent base funding. The Temecula Ctr does not. The administrative decision to improve a leased facility at such high cost above an owned facility on campus is counter to sound business practices.
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