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IHL OKs lease changes to Mill

January 17, 2014

The Mississippi Institutions of Higher Learning Board of Trustees approved Thursday several adjustments to Mississippi State University’s contract for The Mill at MSU that officials say will improve the security of its financing and clear the way for drawing up the final loan documents and breaking ground for the project.

MSU is leasing its E.E. Cooley Building on Russell Street to Cooley Building LLC, a contractor led by managing partner Mark Castleberry, to renovate the building into a conference center and build an adjacent hotel and parking garage. The adjustments to this agreement approved Thursday include increasing the lease term from 41 years to 55 years, adjusting a sublease so that a subsidiary of Cooley Building LLC will take it over, and establishing a Purchase Option Agreement where MSU will sell the Cooley Building to the MSU Foundation if special state legislation is not passed that would ensure future IHL boards do not revoke MSU’s lease.

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