Finance and Administration - Board of Trustees - The University of ...

Finance and Administration Committee - IX. Agreements for Development of the Cherokee Farm Research Park - ActionAGREEMENT FOR DEVELOPMENT MANAGEMENT SERVICESEXECUTIVE SUMMARYThe University is retaining UTRF to facilitate the development of CherokeeFarm. The Scope of Services to be performed by UTRF is set forth in Exhibit A ofthe agreement and includes, where appropriate:- Recruiting public and private development partners and tenants for researchlaboratories and office space.- Negotiating development agreements and subleases with tenants, consistentwith the Master Plan, Development Guidelines, and the Master Lease, all ofwhich are subject to final approval by the University President.- Managing and overseeing development, maintenance, operation, and tenantoccupancy.- Supervising construction.- Providing quarterly progress reports to the University, describing inreasonable detail the status of any development agreements, leases, or othercontracts that have been executed or are under negotiation, and managingcosts.7The term of the agreement is five years, terminable for convenience with 90 days’notice.The payment to UTRF is $600,000 per year, which covers costs for a developmentstaff, marketing services, legal fees, and other expenses.UTRF may assign the agreement or enter into a subcontract for the services to beperformed with prior written approval of the University President. By executionof the agreement, the President approves UTRF’s subcontracting with CherokeeFarm Development Corporation to perform the Scope of Services set forth inExhibit A.UTRF agrees to indemnify, hold harmless, and at the University’s request,defend the University for injury or loss to third parties arising out of UTRF’s actsor omissions, or the acts or omissions of any subcontractor or grantee, in theperformance of the agreement.148