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Finance and Administration Committee - IX. Agreements for Development of the Cherokee Farm Research Park - ActionDATE: February 28, 2012THE UNIVERSITY OF TENNESSEEBOARD OF TRUSTEESACTION ITEMCOMMITTEE:ITEM:RECOMMENDATION:PRESENTED BY:Finance and AdministrationAgreements for Development of Cherokee Farm Research ParkApprovalDavid E. Millhorn, Executive Vice President andVice President for Research and Economic Development7The University administration has negotiated two agreements with the University ofTennessee Research Foundation for development of the Cherokee Farm Research Park:1. Agreement for Development Management Services: UTRF undertakes services todevelop a research park at Cherokee Farm as previously approved by the Board ofTrustees; and2. Master Ground Lease: sets forth the terms under which UTRF can lease and subleaseparcels at Cherokee Farm to tenants to construct, operate and own offices, researchlaboratories, and other facilities for research or other professional services, alongwith such other uses as may be related or incidental thereto, subject to the terms,conditions and restrictions set forth in the Agreement for Development ManagementServices.The agreements, and executive summaries of each, follow this memorandum. Afterapproval by the Board of Trustees, the agreements will be submitted to the State BuildingCommission. To move this important project along as expeditiously as possible, theadministration requests authorization for the President, with the concurrence of the ViceChair and the Chair of the Finance and Administration Committee, to approve anyrevisions to the agreements required or recommended by the State Building Commission orthe State Attorney General.MOTION:1. That the following agreements for development of the Cherokee Farm Research Parkbe approved: (1) Agreement for Development Management Services between TheUniversity of Tennessee and University of Tennessee Research Foundation forCherokee Farm Research Park; and (2) Master Ground Lease between The Universityof Tennessee and University of Tennessee Research Foundation;141
Finance and Administration Committee - IX. Agreements for Development of the Cherokee Farm Research Park - Action2. That the President be authorized, with the concurrence of the Vice Chair and theChair of the Finance and Administration Committee, to approve any revisions to theagreements required or recommended by the State Building Commission or the StateAttorney General; and3. That the President report all approved subleases to the Finance and AdministrationCommittee on a quarterly basis and report annually to the Board of Trustees on thestatus of the development of Cherokee Farm. 7142
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