The University of Oregon Board of Trustees on Monday unanimously approved the purchase of the former Concordia University campus for $60.5 million. Officials have negotiated a contract that requires guarantees from the Lutheran Church Extension Fund and a robust indemnity agreement that protects the UO’s investment.

Over the next 90 days, the university will conduct architectural, engineering and environmental reviews to validate the appraised and agreed upon purchase price. The UO anticipates closing on the property on June 10 or sooner.