Brennan, Medco’s executive director, said it is committed to meeting its obligations to bondholders. The corporation - which is a private state instrumentality, founded by the state legislature - won’t forgive a lease unless the tenant can find another occupant, a difficult prospect in the current environment. So far, the Maryland Economic Development Corporation, or Medco, which secured the bonds for the project and owns the building, has not conceded. “We wrote letters, made phone calls to all these people, tried to be both rational and emotional in our arguments.” “Our group of 12 people went to a group of about 80 people within the last four days,” he said last week, when the first rent payment was due. His family should be issued a refund of close to $10,000, as should other parents in similar positions. That doesn’t seem fair, Scott Depuy said. “And we learned at that point that this same thing was going on at all the public universities in Maryland.” “You disagree with something, you just start moving up the food chain to different decision-makers,” said Scott Depuy, Julia’s father. As they called around, they learned that a quasi-public economic-development corporation, not Capstone or the university, actually controlled the Paca leases, with extensive obligations to bondholders. The university doesn’t own Paca House, so the Depuys approached Capstone On Campus Management, a private company that runs Paca and other college housing, which denied their request. In July, even though the Maryland campus still planned to reopen for the fall, she knew that all of her classes would be online, so she and her family sought to cancel the lease. Then the pandemic hit, and she was sent home with a refund for the rest of the spring semester. So when it came time for her to decide on a place to live as a sophomore, her family signed a lease in February to put her back in that building - in the very same room, in fact.
Julia Depuy loved staying in Paca House during her freshman year at Towson University.
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