Purpose:
Lewis & Clark College encourages faculty and staff to live in close proximity to campus in order to enhance their involvement in the life of the College community. As one means of furthering this goal, the College seeks to assist eligible faculty and administrative staff to acquire homes in a defined area within walking distance of campus. A second goal of the program is to reduce commuting traffic in the neighborhood and alleviate parking problems on campus.
Eligibility:
Faculty members with tenure or with tenure track appointments or members of the administrative staff who have completed one full year of employment are eligible to participate in the housing program. Participants in the program agree not to drive to campus or park a vehicle on campus except for certain special public events or in the event of a physical disability requiring transportation by car.
The target area covered by the program consists of property in South Ridge No. 2 and Lehmann's Addition between the main campus and the Law School.
Procedures:
As property becomes available in the target area the College may elect to purchase the property and then sell the improvements to an eligible participant in the College Housing Program, or the College may delay the purchase until it has first received a firm expression of interest in acquiring the home from an eligible participant.
The College will retain title to the land and sell the improvements with a triple net ground lease for forty years to eligible faculty and staff. In return for its capital investment and the land lease, the College will: 1) share in any market value gains on the property in a proportion equal to the relationship between market value of the land and the market value of the whole property; 2) retain the right to repurchase the property under the terms and conditions defined in the ground lease.
To protect the College's investment and to preserve the resale value of the properties covered by this program, modifications to properties are subject to design review and approval by the College.
The College shall have the right to pay delinquent real estate taxes, make property repairs, advance property insurance premiums, and take other decisions and do other acts to protect its investment and to recover the costs and advances from the eligible employee.
Properties acquired or financed under this program will be subject to repurchase by the College under any of the following circumstances:
The purchase and repurchase prices of the property shall be the appraised value of the property improvements determined by an independent certified appraiser. The appraisal shall be made within six months of the purchase or repurchase date. The purchase and repurchase price will be the then-appraised value of the improvements.
Upon purchasing property from the College that is covered by this plan, the owner shall maintain all perils insurance against damages or losses, with a lender's loss payable clause in favor of Lewis & Clark College. Title transfer shall be by special warranty deed, which shall contain the restrictions on resale and all other restrictive covenants required by this Plan.
When more than one eligible participant in the program wishes to acquire the same home the Executive Council will make the decision between potential purchasers. Typically the Executive Council will make their ruling on the basis of the ranking outlined below: