The University of Northern Iowa is hoping to finalize the purchase of a long-time College Hill business in Cedar Falls early next year.

UNI wants to buy University Book & Supply at 1009 W. 23rd St. The nearly 80-year-old business sells and rents textbooks and classroom materials to UNI students.

According to a university press release, the bookstore is being sold for $2.4 million. The sale includes the company's inventory, equipment and other assets.

University officials are asking the Board of Regents to approve the purchase at its meeting on Wednesday (Dec. 6, 2017). UNI expects to complete the transaction by March 1, 2018, the press release said.

“UBS has had a great relationship with UNI for 80 years," said Kathleen Hesse, University Book & Supply president. "When it came time to sell the business, all the stockholders agreed that the university would be the best buyer to continue serving the students, faculty and community.”

UNI officials have indicated that no general education funds will be used for the purchase. The pending acquisition also includes the bookstore at Hawkeye Community College in Waterloo.

Michael Hager, senior vice president for finance and operations at UNI, shared two primary reasons the acquisition is a fit for UNI.

“First and foremost, students will continue to have convenient access to the textbooks and course materials necessary for their educational experience," he said. "With UNI owning the bookstore it will operate as a not-for-profit entity, which will offer UNI students the lowest possible pricing every year. Taking advantage of this opportunity is another element of the ongoing UNI initiative of providing a high-quality education at a reasonable cost.

“In addition," Hager continued, "the acquisition will keep ownership and control of this business in the Cedar Valley, which we feel is very important."