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62 <br /> • land at a price of about $2 . 00 per square foot . Our leased <br /> area is about 58000 square feet. It seems more likely that <br /> they would renew the lease on a month to month basis <br /> without a definite termination date. This is particularly <br /> true considering that. . we are the only - buyers . and <br /> considering that we would not willing pay market price . <br /> From this, I conclude that the proper approach going <br /> forward is to assume that CP Rail will renew the lease on <br /> its expiration, on a month to month basis, with the <br /> recognition that we could be forced to purchase the land <br /> for market rate at some point. It seems clear that one way <br /> or another, we will have access to this land to provide <br /> parking for the existing faculty. <br /> • <br />