Last week, Governor Hickenlooper signed a bill into law, allowing places like Colorado Mountain College (CMC) to sell or lease their property to pay for things like new buildings, or student housing.
Before House Bill 1366, CMC would have had to take on a massive amount of debt to pay for a new building. Now, it can use its own property as collateral when negotiating with developers.
Matt Gianneschi, CMC's Chief Operarting Officer, called this a "win-win-win."
"You have a private partner who is able to develop on property that is otherwise inaccessible to them. The college is able to use its assets without taking on long-term debt and the students are able to access affordable housing."
Gianneschi said the college doesn’t have any plans to lease their land just yet, but it’s a new tool in the toolbox to help provide the most affordable education possible.
