I don't think it's just a play for leverage and bargaining power with the city. But with the program bleeding money and presenting Renaissance as a serious alternative they could certainly end up negotiating a more favorable PCC lease.
Bradley has a very prominent engineering department. It's ranked in the top 35 nationally by US News. I'm sure BU engineering could do a better job than a lot of private sector engineering firms.
http://www.bradley.edu/about/recognition/