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Jerry Weaver Offline
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Post: #21
RE: College of Business Building sold
(04-23-2020 05:24 PM)emu steve Wrote:  
(04-23-2020 05:13 PM)KPJ Wrote:  Saw some speculation that this is the buyer:
http://www.rivercaddis.com/

We’ll see.

All I can say is, "good luck." As we all know, the timing for big projects of any type, esp. real estate, is not good.

Thanks Keith for the info! EMU has a "purchase agreement" for the property, which in essence is similar to the Power2Change Foundation's $6 million dollar donation on the SAPC, that was revoked. No check has been cut.

I was really excited about this until Steve researched the Board of Regents meeting and revealed the purchase of the Lowell St. property was being introduced. I am not so sanguine now. I'm starting to suspect how qualified this offer is, based on its proximate announcement to the BOR meeting. I was amazed that ANY investor would make a lucrative offer based on current economic uncertainties, in such a questionable market like Downtown Ypsilanti.

I truly hope I am 100% wrong, but this deal is starting to smell very bad.
04-23-2020 07:10 PM
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EMU_HRM07 Offline
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Post: #22
RE: College of Business Building sold
(04-22-2020 09:50 AM)fanfrompowellspub Wrote:  Anyone know the price of the building? I wonder if it will turn into apartments.

Sold for $2.7 million.
04-23-2020 08:05 PM
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emu steve Offline
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Post: #23
RE: College of Business Building sold
(04-23-2020 08:05 PM)EMU_HRM07 Wrote:  
(04-22-2020 09:50 AM)fanfrompowellspub Wrote:  Anyone know the price of the building? I wonder if it will turn into apartments.

Sold for $2.7 million.

Sounds like the building was "disposed of".

Basically sold as not needed.
04-23-2020 11:46 PM
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emu steve Offline
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Post: #24
RE: College of Business Building sold
(04-23-2020 08:05 PM)EMU_HRM07 Wrote:  
(04-22-2020 09:50 AM)fanfrompowellspub Wrote:  Anyone know the price of the building? I wonder if it will turn into apartments.

Sold for $2.7 million.

Wondering if 2.7M will be used to renovate Boone and have money to clear Lowell Street if indeed EMU bought it.

If so, sounds like an improvement for the campus by centralizing more on central campus.
04-23-2020 11:50 PM
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emu steve Offline
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RE: College of Business Building sold
04-24-2020 05:30 AM
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JonesGoddard Offline
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Post: #26
RE: College of Business Building sold
From what I've heard...

Lowell street is more of an investment opportunity later down the road like IHA @ EMU. Worst case, probably parking and storage for now.

COB, rumor has it plans will be, based off market research to design condos on 2nd/3rd floors and retail/businesses below to continue to attract downsizing retiring folks and new professionals that don't want to pay the Ann Arbor housing tax.

This is great news and imagine if we didn't make tough decisions 4-5 years ago (sports, parking, online learning, decrease faculty, dining, etc.) to gain more revenue streams to EMU. We would need to be purchased by U-M in order to still be a university. An example of leadership when you need to make tough decisions need to be made even if it's not what people want.
04-24-2020 08:39 AM
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emu steve Offline
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Post: #27
RE: College of Business Building sold
(04-24-2020 08:39 AM)JonesGoddard Wrote:  From what I've heard...

Lowell street is more of an investment opportunity later down the road like IHA @ EMU. Worst case, probably parking and storage for now.

COB, rumor has it plans will be, based off market research to design condos on 2nd/3rd floors and retail/businesses below to continue to attract downsizing retiring folks and new professionals that don't want to pay the Ann Arbor housing tax.

This is great news and imagine if we didn't make tough decisions 4-5 years ago (sports, parking, online learning, decrease faculty, dining, etc.) to gain more revenue streams to EMU. We would need to be purchased by U-M in order to still be a university. An example of leadership when you need to make tough decisions need to be made even if it's not what people want.

Good info.

I'll repeat a point that I (and others) have made:

Regardless of what happens with the Lowell Street property 5 or 10 years down the road, just getting it, clearing it, some fencing and landscaping will do away with an eye sore.

I realize we are in an era where many colleges are getting smaller, not larger, but it does provide prime real estate if needed for parking, development or sale.

I think, EMU, and everyone else, needs to prepare for a tough 12 months until we get a vaccine. Once we get a vaccine, herd immunity, etc. we will be slowly getting back to near normal. EMU has to try its best to stay financially stable, etc.

I'm reminded of an old Catholic joke. Purgatory is like hell but doesn't last forever.

Well this is our purgatory.
04-24-2020 09:53 AM
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FrankAnderson Offline
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Post: #28
RE: College of Business Building sold
I'm thankful we're binging in that $2.7 million now. I think a wise move by the administration.

Akron, which already endured steep cuts to athletics, is due for even more. The UA president just announced a recommendation to cut the athletic department budget by 20%. They were already operating on more of a shoestring budget than EMU.

Even if they cut two sports to get down to the NCAA D1 minimum of 17, they still will be by far the most budget-constrained school in the MAC.

https://www.hustlebelt.com/2020/4/24/212...aster-plan
04-24-2020 03:10 PM
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emu steve Offline
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Post: #29
RE: College of Business Building sold
(04-24-2020 03:10 PM)FrankAnderson Wrote:  I'm thankful we're binging in that $2.7 million now. I think a wise move by the administration.

Akron, which already endured steep cuts to athletics, is due for even more. The UA president just announced a recommendation to cut the athletic department budget by 20%. They were already operating on more of a shoestring budget than EMU.

Even if they cut two sports to get down to the NCAA D1 minimum of 17, they still will be by far the most budget-constrained school in the MAC.

https://www.hustlebelt.com/2020/4/24/212...aster-plan

Frank, I'm glad you are bringing up $ issues.

I wonder if a lot of universities can tap their endowments during these tough times.

Kind of like if one has a 'rainy day' fund and it is raining, then that is the time to use it.

I realize that EMU has a relatively modest endowment but can we tap say 10M to try and whether the storm?
04-24-2020 03:52 PM
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shankapotamus1 Offline
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Post: #30
RE: College of Business Building sold
(04-24-2020 03:52 PM)emu steve Wrote:  
(04-24-2020 03:10 PM)FrankAnderson Wrote:  I'm thankful we're binging in that $2.7 million now. I think a wise move by the administration.

Akron, which already endured steep cuts to athletics, is due for even more. The UA president just announced a recommendation to cut the athletic department budget by 20%. They were already operating on more of a shoestring budget than EMU.

Even if they cut two sports to get down to the NCAA D1 minimum of 17, they still will be by far the most budget-constrained school in the MAC.

https://www.hustlebelt.com/2020/4/24/212...aster-plan

Frank, I'm glad you are bringing up $ issues.

I wonder if a lot of universities can tap their endowments during these tough times.

Kind of like if one has a 'rainy day' fund and it is raining, then that is the time to use it.

I realize that EMU has a relatively modest endowment but can we tap say 10M to try and whether the storm?

I would say that any state university not named UofM ($9 billion!) will have a hard time tapping their endowments. A lot of them are restricted use (scholarships, professorships, etc.) and can't be just used anywhere. The last place I think you'd see it directed to is athletics. Especially now that so many lost money with the latest stock market tumble. CMU's was around $150 mil last year and the last I could find on EMU was $65 mil as of 2015. Ours is surely lower now, and yours might be a little more than it was in 2015 after the increase and decrease in the market. Just venturing a guess though, not my area.
04-24-2020 04:36 PM
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emu steve Offline
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Post: #31
RE: College of Business Building sold
(04-24-2020 04:36 PM)shankapotamus1 Wrote:  
(04-24-2020 03:52 PM)emu steve Wrote:  
(04-24-2020 03:10 PM)FrankAnderson Wrote:  I'm thankful we're binging in that $2.7 million now. I think a wise move by the administration.

Akron, which already endured steep cuts to athletics, is due for even more. The UA president just announced a recommendation to cut the athletic department budget by 20%. They were already operating on more of a shoestring budget than EMU.

Even if they cut two sports to get down to the NCAA D1 minimum of 17, they still will be by far the most budget-constrained school in the MAC.

https://www.hustlebelt.com/2020/4/24/212...aster-plan

Frank, I'm glad you are bringing up $ issues.

I wonder if a lot of universities can tap their endowments during these tough times.

Kind of like if one has a 'rainy day' fund and it is raining, then that is the time to use it.

I realize that EMU has a relatively modest endowment but can we tap say 10M to try and whether the storm?

I would say that any state university not named UofM ($9 billion!) will have a hard time tapping their endowments. A lot of them are restricted use (scholarships, professorships, etc.) and can't be just used anywhere. The last place I think you'd see it directed to is athletics. Especially now that so many lost money with the latest stock market tumble. CMU's was around $150 mil last year and the last I could find on EMU was $65 mil as of 2015. Ours is surely lower now, and yours might be a little more than it was in 2015 after the increase and decrease in the market. Just venturing a guess though, not my area.

I hear you and your points are well taken.

I think our endowment is larger as, believe it or not, stocks are higher today than in 2015.

The bottom for universities, cities, and states is can they borrow money to meet operating deficits?

States usually provisions prohibiting deficit budgets.
04-24-2020 05:27 PM
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Jerry Weaver Offline
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Post: #32
RE: College of Business Building sold
(04-23-2020 11:46 PM)emu steve Wrote:  
(04-23-2020 08:05 PM)EMU_HRM07 Wrote:  
(04-22-2020 09:50 AM)fanfrompowellspub Wrote:  Anyone know the price of the building? I wonder if it will turn into apartments.

Sold for $2.7 million.

Sounds like the building was "disposed of".

Basically sold as not needed.

$2.7M is indeed a price I would expect of a distressed asset. Then again I understand the Owen building was in a state of neglect and its location was problematic with respect to campus operation. If EMU can clean up Lowell, concentrate operations and put Owens back on the city tax rolls, with the money then chalk one up for EMU.

River Caddis is hardly a "heavy hitter" in real estate development. I certainly hope they are far better capitalized than the developer that Ypsilanti entrusted the catastrophic Water St project to. Personally I don't consider Michigan and Hamilton to be in the least livable from a retiree perspective and less so with the reduced foot traffic from the B school. Then again I thought Dan Gilbert was crazy when he dived into Detroit, my mistake, history will acclaim his accomplishments.

At the end of the day this is another of President Smith's bold moves like privatizing parking, promoting on-line learning and partnering with IHA. I'm not sure all are correct but I prefer to see him doing this as opposed to maintaining the status quo and simply whining about dwindling state support.
04-24-2020 05:45 PM
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Jerry Weaver Offline
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Post: #33
RE: College of Business Building sold
Another advantage to the sale I had not considered. The Physical Plant and the energy it creates are not available to the Owens building due to its remote location. I have no clue what EMU is paying DTE but I am sure it is not chump change.
04-25-2020 06:31 PM
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masttg Offline
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Post: #34
RE: College of Business Building sold
(04-25-2020 06:31 PM)Jerry Weaver Wrote:  Another advantage to the sale I had not considered. The Physical Plant and the energy it creates are not available to the Owens building due to its remote location. I have no clue what EMU is paying DTE but I am sure it is not chump change.

Yes. Smith claims that EMU will save $1 million per year in operating costs.
04-25-2020 08:40 PM
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emu79 Offline
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Post: #35
RE: College of Business Building sold
Honestly when this is all over the question is why do we physical buildings at all and why don't we move to all on line classes for many degrees? You can still charge legacy costs for the buildings you don't need or sell them. The cost of tuition and books would perhaps decrease and allow many to afford college. Crazy ideas maybe but I think that is where we are heading.
04-27-2020 05:29 AM
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emu steve Offline
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RE: College of Business Building sold
(04-27-2020 05:29 AM)emu79 Wrote:  Honestly when this is all over the question is why do we physical buildings at all and why don't we move to all on line classes for many degrees? You can still charge legacy costs for the buildings you don't need or sell them. The cost of tuition and books would perhaps decrease and allow many to afford college. Crazy ideas maybe but I think that is where we are heading.

One of the things I have seen in the suits over tuition during times of online learning is what is the college learning experience.

Without getting into the nuts and bolts of what courses could be taught online (e.g., intro history) vs. which require physical presence (e.g., especially lab course and my favorite, physical ed 02-13-banana) students would be upset if undergrad college would be turned into an extension of high school.

College is a rite of passage from adolescence into adulthood with great freedom and responsibilities. It means being away from home and the freedom to do things parents would not allow. It means football and parties. A chance to be with thousands of persons ones own age.

The model that one goes to college to get a degree as quickly and cheaply as possible to prepare for a job is largely passe'.

This is the thing which hurts schools like Wayne State. WSU has everything academically imaginable, but if one lives at home it is like an extension of high school.
(This post was last modified: 04-27-2020 06:33 AM by emu steve.)
04-27-2020 06:32 AM
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emu79 Offline
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RE: College of Business Building sold
(04-27-2020 06:32 AM)emu steve Wrote:  
(04-27-2020 05:29 AM)emu79 Wrote:  Honestly when this is all over the question is why do we physical buildings at all and why don't we move to all on line classes for many degrees? You can still charge legacy costs for the buildings you don't need or sell them. The cost of tuition and books would perhaps decrease and allow many to afford college. Crazy ideas maybe but I think that is where we are heading.

One of the things I have seen in the suits over tuition during times of online learning is what is the college learning experience.

Without getting into the nuts and bolts of what courses could be taught online (e.g., intro history) vs. which require physical presence (e.g., especially lab course and my favorite, physical ed 02-13-banana) students would be upset if undergrad college would be turned into an extension of high school.

College is a rite of passage from adolescence into adulthood with great freedom and responsibilities. It means being away from home and the freedom to do things parents would not allow. It means football and parties. A chance to be with thousands of persons ones own age.

The model that one goes to college to get a degree as quickly and cheaply as possible to prepare for a job is largely passe'.

This is the thing which hurts schools like Wayne State. WSU has everything academically imaginable, but if one lives at home it is like an extension of high school.

That's a romantic and outdated notation Steve. Animal House was a long time ago. The purpose of higher education is to prepare for a career. By the way many companies will also be questioning the need for physical offices in the near future.
(This post was last modified: 04-27-2020 11:40 AM by emu79.)
04-27-2020 07:34 AM
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emu steve Offline
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Post: #38
RE: College of Business Building sold
(04-27-2020 07:34 AM)emu79 Wrote:  
(04-27-2020 06:32 AM)emu steve Wrote:  
(04-27-2020 05:29 AM)emu79 Wrote:  Honestly when this is all over the question is why do we physical buildings at all and why don't we move to all on line classes for many degrees? You can still charge legacy costs for the buildings you don't need or sell them. The cost of tuition and books would perhaps decrease and allow many to afford college. Crazy ideas maybe but I think that is where we are heading.

One of the things I have seen in the suits over tuition during times of online learning is what is the college learning experience.

Without getting into the nuts and bolts of what courses could be taught online (e.g., intro history) vs. which require physical presence (e.g., especially lab course and my favorite, physical ed 02-13-banana) students would be upset if undergrad college would be turned into an extension of high school.

College is a rite of passage from adolescence into adulthood with great freedom and responsibilities. It means being away from home and the freedom to do things parents would not allow. It means football and parties. A chance to be with thousands of persons ones own age.

The model that one goes to college to get a degree as quickly and cheaply as possible to prepare for a job is largely passe'.

This is the thing which hurts schools like Wayne State. WSU has everything academically imaginable, but if one lives at home it is like an extension of high school.

That's a romantic and outdated notation Steve. Animal House was a long time ago. The purpose if higher education is to prepare for a career. By the way many companies will also be questioning the need for physical offices in the near future.

I agree things have been changing, and are now changing faster, but let's not panic.

This pandemic is like 12 months of hell with all kind of health, economic, lifestyle, etc. etc. changes in the short run.

My view from 30,000 feet: We were caught flat footed (even though we spend billions annually on research for viruses, which are not a new thing as if viruses were first discovered in late 2019 in China).

This is not the world's 'first rodeo' with these viruses, e.g, HIV, SARS, MERS, H1N1, and our old friends influenza and the common cold.

It is how we deal with them. I read that Reagan was very slow to deal with HIV but Clinton picked up the mantle for that virus.

I dare say both the U.S. and China were too slow to act for various reasons.

All of that said, once we conquer this virus things should be back to a NEW NORMAL.

So I conceptualize this pandemic as what Catholic refer to purgatory: A little like hell but doesn't last forever.

The biggest problem I see is that the strongest will survive and the weak not. Harvard is no threat to close its doors. A college which was on shaky grounds 12/31/2019 might be in real trouble.
04-27-2020 09:20 AM
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Jerry Weaver Offline
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RE: College of Business Building sold
(04-27-2020 07:34 AM)emu79 Wrote:  
(04-27-2020 06:32 AM)emu steve Wrote:  
(04-27-2020 05:29 AM)emu79 Wrote:  Honestly when this is all over the question is why do we physical buildings at all and why don't we move to all on line classes for many degrees? You can still charge legacy costs for the buildings you don't need or sell them. The cost of tuition and books would perhaps decrease and allow many to afford college. Crazy ideas maybe but I think that is where we are heading.

One of the things I have seen in the suits over tuition during times of online learning is what is the college learning experience.

Without getting into the nuts and bolts of what courses could be taught online (e.g., intro history) vs. which require physical presence (e.g., especially lab course and my favorite, physical ed 02-13-banana) students would be upset if undergrad college would be turned into an extension of high school.

College is a rite of passage from adolescence into adulthood with great freedom and responsibilities. It means being away from home and the freedom to do things parents would not allow. It means football and parties. A chance to be with thousands of persons ones own age.

The model that one goes to college to get a degree as quickly and cheaply as possible to prepare for a job is largely passe'.

This is the thing which hurts schools like Wayne State. WSU has everything academically imaginable, but if one lives at home it is like an extension of high school.

That's a romantic and outdated notation Steve. Animal House was a long time ago. The purpose of higher education is to prepare for a career. By the way many companies will also be questioning the need for physical offices in the near future.

Steve, I agree 100%, my heart is with your argument from start to finish. College for me was just as important from a social perspective as it was intellectually.

That said James presents a tremendously compelling viewpoint. Steve we are retired old farts that by nature will resist change. IT, when I was at EMU was Fortran punch cards fed into a behemoth computer, far less capable than your wireless phone today. The world has dramatically changed since then, insisting that some things like education delivery not do so is probably outdated despite my heartfelt objections.

CMU, all of a sudden is flooding the Detroit television market with a marketing campaign, there apparently is real trouble in Mt. Pleasant, not unlike Ypsilanti or Kalamazoo.

Seeing iconic brick and mortar companies like Sears go out of business saddens me as well, but perhaps I don't see the increased potential of the future. Nevertheless I don't have to like it.
04-27-2020 07:45 PM
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RamyEMU Offline
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RE: College of Business Building sold
(04-27-2020 07:45 PM)Jerry Weaver Wrote:  
(04-27-2020 07:34 AM)emu79 Wrote:  
(04-27-2020 06:32 AM)emu steve Wrote:  
(04-27-2020 05:29 AM)emu79 Wrote:  Honestly when this is all over the question is why do we physical buildings at all and why don't we move to all on line classes for many degrees? You can still charge legacy costs for the buildings you don't need or sell them. The cost of tuition and books would perhaps decrease and allow many to afford college. Crazy ideas maybe but I think that is where we are heading.

One of the things I have seen in the suits over tuition during times of online learning is what is the college learning experience.

Without getting into the nuts and bolts of what courses could be taught online (e.g., intro history) vs. which require physical presence (e.g., especially lab course and my favorite, physical ed 02-13-banana) students would be upset if undergrad college would be turned into an extension of high school.

College is a rite of passage from adolescence into adulthood with great freedom and responsibilities. It means being away from home and the freedom to do things parents would not allow. It means football and parties. A chance to be with thousands of persons ones own age.

The model that one goes to college to get a degree as quickly and cheaply as possible to prepare for a job is largely passe'.

This is the thing which hurts schools like Wayne State. WSU has everything academically imaginable, but if one lives at home it is like an extension of high school.

That's a romantic and outdated notation Steve. Animal House was a long time ago. The purpose of higher education is to prepare for a career. By the way many companies will also be questioning the need for physical offices in the near future.

Steve, I agree 100%, my heart is with your argument from start to finish. College for me was just as important from a social perspective as it was intellectually.

That said James presents a tremendously compelling viewpoint. Steve we are retired old farts that by nature will resist change. IT, when I was at EMU was Fortran punch cards fed into a behemoth computer, far less capable than your wireless phone today. The world has dramatically changed since then, insisting that some things like education delivery not do so is probably outdated despite my heartfelt objections.

CMU, all of a sudden is flooding the Detroit television market with a marketing campaign, there apparently is real trouble in Mt. Pleasant, not unlike Ypsilanti or Kalamazoo.

Seeing iconic brick and mortar companies like Sears go out of business saddens me as well, but perhaps I don't see the increased potential of the future. Nevertheless I don't have to like it.

I would agree with everyone here. Though I will slightly alter your statement, Jerry. I think the social perspective was as important for me intellectually as the the academic perspective. I had a lot of great, and more so really intelligent friends at my time at EMU. I would hate to see all that replaced.

That said, 79’s statement that “Animal House was a long time ago” is as hilarious as it is a legitimately great point. College is ridiculously priced, and I am not sure how I can even pay for my 3 kids to attend and live on campus in coming years. Nor are their loan alternatives very appealing.

On my time, EMU was already half a commuter school. Those who were on/near campus had a much better experience than those who were still living at home. But it made sense for some even then. And it will make more sense for people in the future.
04-27-2020 09:04 PM
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