The Ohio Controlling Board convened on March 24, 2025, to discuss several key issues, primarily focusing on the sale of a property owned by the University of Akron, Quaker Square. The meeting began with inquiries regarding the property's purchase details, which occurred in February 2007 for $22.7 million. Senator Wilkin raised concerns about the significant deferred maintenance costs, estimated at $57 million, questioning the appraisal value at the time of purchase and the extent of maintenance required then.

In response, it was noted that the specific appraisal information was not available during the meeting, although approximately $5 million had been invested in the property since its acquisition. Senator Wilkin expressed skepticism about the dramatic increase in deferred maintenance costs over the years, particularly given the property's intended use as student housing, which ceased in 2019.

The property was listed for sale four years ago, initially with an asking price of $4 million, which was later removed to solicit offers. Senator Wilkin highlighted the stark contrast between the original purchase price and the current expected sale price of $800,000, prompting further questions about the property's purpose and the reasons for its underutilization.

Senator Serino then directed questions to the Department of Administrative Services (DAS) regarding the process for real estate transactions involving public universities. The DAS representative explained that their office conducts thorough due diligence on properties, including assessments of legal boundaries, title defects, and environmental issues, to ensure the credibility of the sale.

The discussion also touched on the handling of outstanding bonds associated with the property, clarifying that while the bonds would not be defeased, the sale proceeds would be applied to satisfy them. The DAS indicated that the assessment process for this transaction took approximately six months.

The meeting concluded with the approval of the item concerning the property sale, despite some objections raised during the discussions. Overall, the session highlighted significant financial and operational challenges faced by the University of Akron regarding its real estate assets.