Land-lease deal could help struggling Saint Augustine's University, new audit reveals

Описание: A deal to lease part of the land it owns in Raleigh could serve as a possible lifeline for Saint Augustine’s University.

WRAL Investigates learned of the deal Monday, which is laid out in the school’s latest financial audit.

The real estate deal in the 2024 financial audit indicates the university agreed to lease certain real estate to 50 Plus 1, a sports stadium and a development firm based out of Florida. Through the Saint Augustine’s University Real Estate Foundation, audit documents say the school issued a Letter of Intent on November 17, 2024.

The deal would bring in $70 million to Saint Augustine's over the coming months.

The documents state the university will lease "certain real estate" to 50 Plus 1 Sports for 99 years. The Florida-based company touts itself as one of the "fastest growing professional sports stadium and mixed used development firms in the U.S."

In the agreement, 50 Plus 1 Sports would pay Saint Augustine's $60 million by the end of 2024 and then another $10 million by June 2025.

The audit also states 50 Plus 1 will split revenue made from any projects, including 65% to itself and 35% to the university for the first 15 years of the lease. This deal comes at a time when the university is trying to dig its way out of debt. It most recently took out a $7 million loan with Gothic Ventures, with terms that have concerned alumni and community advocates.

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