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

Finance and Administration Committee - XIII. Real Property Transactions - Action/ConsentTHE UNIVERSITY OF TENNESSEEBOARD OF TRUSTEESACTION ITEMDATE: February 28, 2012COMMITTEE:CAMPUS/UNIT:ITEM:RECOMMENDATION:PRESENTED BY:Finance and AdministrationUT Space InstitutePermanent Easement to City of Estill SpringsApprovalCharles M. Peccolo, Treasurer, Chief Investment Officer, andInterim Chief Financial Officer11The University of Tennessee Space Institute (UTSI) at Tullahoma and the City of EstillSprings propose a Permanent Easement for ingress/egress and conveyance of a 200,000gallon water tank that, if necessary, supports emergency fire flow for UTSI. The easementwill authorize the City of Estill Springs to enter upon, operate, repair and maintain both theeasement and the water tank improvements. Ownership of the water tank improvementswill be included in the easement to the City of Estill Springs. The easement will be subjectto the University’s right to relocate the area of the easement at its sole expense.The proposed Permanent Easement is irregular in shape and contains approximately 50,317square feet or 1.16 acres. As consideration for the easement and conveyance of the watertank improvements, the City of Estill Springs will be responsible for all upkeep andmaintenance of the premises, including associated utility costs and the water tankimprovements located on the premises.After approval by the Board of Trustees, the University will seek all required local andstate approvals.MOTION:That the Permanent Easement and the water tank improvements, as described in themeeting materials, be granted to the City of Estill Springs, subject to the University’sright to relocate the area of the easement at its sole expense.226