COLUMBIA, Mo. (KMIZ)
A University of Missouri spokesman said Friday that every floor of The Rise on Ninth will be used as student housing next school year.
The contract costs Mizzou just over $3.5 million for the 2020-21 school year and will go up by 3 percent each year until 2022-23 school year. MU and The Rise can renew the agreement for a fourth and fifth school year if they choose to.
MU signed an agreement with the apartment complex owners in August to use the third and fourth floors as residence hall space.
The Rise has notified future residents who had already signed leases to live at the apartment next year about the newly signed agreement with MU. The complex apologized in an email and stated all paid fees would be refunded.
A current agreement with The Rise cost MU $673,000 for this school year. MU has contracts with Campus Lodge for $1.2 million and with U Centre for $1.75 million.
"We've been very pleased with the amount of students wanting to return and live in university housing over the last two years," MU spokesman Christian Basi said.
He said students who live in student housing tend to do better academically.
Students pay $9,995 to live at The Rise or U Centre and $4,150 per bed at Campus Lodge this school year.
Basi said the affordability of Campus Lodge allows the lower price but it's the farthest from campus.
Check back of watch ABC 17 News at 9 and 10 for more on this developing story.