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[quote=Anonymous]A 2005 article on GP and other schools that enter into creative leasing and side businesses to raise revenue.  To the topic of this thread, this article seems to suggest GP hoped to use the bond offering to hold down tuition.  Anyone from GP able to say whether it succeeded?
http://online.wsj.com/article/0,,SB110669325680635870,00.html

[quote]And in big cities where private-school waiting lists are long, headmasters worry about an uncomfortable social dynamic if staggering tuition bills squeeze out everyone except rich kids and scholarship students. "I don't want the tuition so high that you frighten kids away," says the Rev. William George, president of Georgetown Prep, where annual tuition is $18,600.

Georgetown Prep's venture into real estate started two years ago when the Jesuit-run boys' school ran a "needs analysis" that identified $68 million in salary increases, student aid, maintenance and new construction -- or more than triple the endowment. The school's solution was to offer a 99-year lease on three of its 91 acres to Dallas-based JPI Apartment Development LP, which plans to break ground this winter on 473 apartments.  JPI will pay the school $1.3 million a year in ground rent, which Georgetown Prep plans to use to finance construction of a new field house.[/quote]

Another article on the same topic. http://ww2.gazette.net/stories/013107/bethnew214416_32335.shtml

[quote]The new center includes a 950-seat competition basketball gym, four practice courts, an 11-lane competition swimming pool, a 6,000-square-foot weight training room, a wrestling room and Montgomery County’s only 200-meter indoor track. ‘‘It’s kind of like a Verizon Center for kids,” said the Rev. William L. George, school president. ‘‘It’s attracting a lot of attention. It’s beautiful.” The school’s 99-year agreement with Texas real estate firm JPI, allowed Georgetown Prep to build the 150,000-square-foot, $23 million building without raising tuition or enrollment or using charitable contributions. ... From the agreement, which was finalized in 2004, the school was able to update its golf course and sports fields, build the athletic center and have money coming in for years for improvements and other projects.[/quote]

And another article, from the developer's perspective.
http://www.housingfinance.com/aft/articles/2008/jul-aug/partingshotslease070808.htm

[quote]When Georgetown Prep issued its request for proposals in 2003, in the middle of the condominium boom, no condo developers bid for the right to build on three acres of the school’s golf course. That’s because the school wasn’t willing to sell the land. Instead, it wanted to lease the site and use the income to pay for building a new 30,000-square-foot athletic center. ... The money JPI saved on the cost of construction allowed it to make the high bid of $130,000 a month on the 99-year ground lease. Inigo’s Crossing cost $90 million to develop, with a hard cost of $75 million, or $160 per square foot.  [/quote][/quote]

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