The PARC Board of Directors voted Dec. 20 to grant UofL an one-year option to purchase the land. Under the agreement, UofL will pay PARC $1,000 to hold the property for 12 months.

During that time, the university can purchase the property for $5,000 if it and PARC agree on a development agreement.

UofL was a key supporter of the Museum Plaza project, offering to bring academic programming and other activity, including relocation of its Master of Fine Arts program, to the facility.

“We’re still very excited about the idea of having a presence downtown,” said Provost Shirley Willihnganz. She mentioned potential partnerships with arts and cultural organizations and several academic options as possibilities for the property.

The university will spend the next six months exploring its options for the property. In addition, the provost plans to talk to faculty and staff after the holiday break to solicit their visions for its use.

“There is a lot of potential for that property, and we want to hear the suggestions of our faculty and staff,” she said.