The former campus of Lincoln College has been sold, and its new owner wants to stimulate economic development by practically giving away space.
An unnamed benefactor operating under an LLC called EZ 37:4-5 has agreed to repurpose five campus buildings for businesses who are looking to expand or relocate in Lincoln.
Spaces can be leased for $1. For-profit businesses may enter into a rent-to-own option, with space eventually purchased for $40-$50 per square foot. Nonprofit organizations who meet growth expectations may be given the space outright.
"This is an incredible opportunity for organizations to grow in a community that has so much to offer," said Uriah Kilgallin of LEAD, an economic development initiative for the City of Lincoln.
LEAD has issued a Request for Interest on its website. The application process includes a campus walk-through at 1 p.m. on Sept. 29.
Lincoln College closed in 2022 after 157 years of operation. The campus has sat largely vacant since then. The Lincoln Heritage Museum on the property's edge remains open and operating.
The new program is one of several aimed at spurring businesses and adding jobs to Lincoln, which has seen a loss of industry and increased blight over the past two decades. Another business incubator is in the planning phase, expected to provide space downtown to start-ups at the new Museum of Route 66. And the city has a grant program funding $7,500 for capital improvements to business owners looking to revitalize vacant storefronts.
