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State bond authority approves 1-year lease for University of Tennessee resident housing in Knoxville
Summary
The Tennessee State School Bond Authority approved a one-year lease with Corporate Quarters to provide up to nine two-bedroom units in Knoxville for University of Tennessee dental and medical residents at $3,703 per unit per month, an annual effective cost of about $400,000.
The Tennessee State School Bond Authority on Aug. 25 approved a one-year lease allowing the University of Tennessee to rent up to nine two-bedroom units in Knoxville to house dental and medical residents. The board approved the lease during a regular meeting after a presentation by a university representative.
Austin Oakes, representing the University of Tennessee, told the authority the lease is a form of "borrowing by another method" to support the UT Health Science Center’s clinical rotations. He said the proposal covers up to nine two-bedroom units, sets a monthly rate of $3,703 per unit and carries a total annual effective cost of about $400,000. "This is the exact same pricing we saw last year, so we've not seen any increase in this obligation," Oakes said.
Board members moved and seconded approval without further discussion. A roll call recorded aye votes from Mister Miller; Doctor Perry; Treasurer Lillard; Secretary Hargett; Commissioner Bryson; and Miss Pfeiffer. The motion passed and the item was approved.
The lease term is one year and was presented as supporting clinical placement logistics; the transcript did not specify the lease start or end dates beyond the one-year term, the landlord's full legal name beyond "Corporate Quarters," or the funding source for the payment. No amendments or conditions were recorded in the meeting minutes.
The meeting convened with a quorum and adjourned shortly after the approval.
