An agreement is expected to be reached soon that will allow Eastern Michigan University (EMU) to repurchase its parking system from the current Concessionaire. This development would resolve a multi-year litigation between the university and the Concessionaire.
The university anticipates finalizing the agreements within the next month. The bond issuance previously authorized by EMU’s Board of Regents will provide funding for the repurchase, as well as support other projects.
In an official statement, EMU said, “We’re gratified at this development, which is the product of substantial hard work on all sides. Because the work remains ongoing and the parties have not yet finalized the agreement, we are not at liberty yet to divulge any further details of the plan. We will provide an update once all underlying details are agreed and finalized.”
No additional information about the specifics of the agreement or future plans for campus parking operations has been released at this time.
