OU released a statement Wednesday regarding the restaurants located in Cross Neighborhood, announcing the university would not renew commercial leases in the Cross buildings.
“The University of Oklahoma has decided not to renew the commercial and parking spaces lease at the Cross student-housing facility,”according to the statement. “The university takes seriously its responsibility to students, the state of Oklahoma and taxpayers by ensuring it uses its resources prudently. … OU is working to ensure that the action will not disrupt students and the larger university community.”
Roughly two years prior, according to the statement, OU provided Provident, Inc., a private student housing company, a 50-year land lease. The company spent about $250 million to build the Cross buildings and a nearby parking garage.
According to the statement, renewing the leases would cost approximately $7 million and would have “led to subsidizing a private entity,” which OU “cannot do with student tuition and fees.”
“Previously planned parking expansions will be completed in early August and spring,” the release said, “and Cate Center will be available to students with the start of the fall semester.”
The Daily reported earlier Wednesday that items and equipment had been removed from Cross restaurants.
