May 23 & 24, 2002

 

ITEM 115-2802-R0502                Purchase of Property, 2556 Old Post Road Havre, MT; Montana State University – Northern

 

THAT:                                       The Board of Regents authorizes Montana State University – Northern to purchase property located at 2256 Old Post Road Havre, Montana to be used as the residence for the chancellor for the purchase price of $360,000.  $217,000 of the purchase price will be funded from insurance proceeds received from the settlement reached on the previous chancellor’s residence.  The remaining $143,000 will be funded from a donation received by the Montana State University – Northern Foundation.

 

EXPLANATION:                        In February 2000, the house previously used as the residence for the chancellor was permanently damaged and is in the process of being completely demolished. The State of Montana Risk Management and Tort Defense Division has settled with the insurance company for $217,000.  The $143,000 has been raised privately by the Montana State University – Northern Foundation.