The Markels, owners of Dupus Boomer’s, spend $3.2 million moving into the bottom floor of the CUB. The CUB agrees to waive the restaurant’s first two years of rent.
The restaurant continues to operate.
The Markels approach WSU and indicate they would like to close by May 2011.
The owners ask WSU officials about the possibility of selling the restaurant to the university.
WSU makes initial offer.
The Markels decline and look for another vendor to purchase their space. WSU agrees once again to waive the restaurant’s base rent for the next year.
The Markels inform WSU they will close the restaurant in December 2011 if WSU is interested in purchasing the space.
CUB officials seek recommendation from the CUB Advisory Board to buy out Dupus Boomer’s. The board members unanimously recommend the purchase for $1.675 million.
Greg Markel, owner of Dupus Boomer’s, and Roger Patterson, WSU’s vice president of business and finance, sign the purchase agreement (pending approval from the Board of Regents).
As a condition of the contract, the Markels agree to keep the restaurant open through the academic year.
The purchase agreement is presented to the WSU Board of Regents for action at the March meeting.
The WSU Board of Regents approves the sale.
Dupus Boomer’s closes.
Source: Sean Greene, director of the CUB