While acquisition of the project site can be financed through the bond issue, ordinarily it is previously owned by the institution. In appropriate (but rare) circumstances, an educational institution that has the qualifications prescribed in Section 3333.08 of the Revised Code may acquire the site through eminent domain upon approval by the Ohio Department of Higher Education. In order to ensure the marketability of the bonds, the site should be adequate to the purposes or potential uses of the building and should either abut upon a public street or road or be accompanied by appropriate easements of access thereto. The project including the project site is leased by the educational institution to the Commission under a base lease, thus providing the Commission sufficient interest in the project to issue the bonds.
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