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TSSBA approves lease with purchase option for University of Tennessee–Knoxville's Cherokee Mills Complex
Summary
The Tennessee State School Bond Authority approved a 10-year lease with early purchase options allowing the University of Tennessee at Knoxville to expand into the Cherokee Mills Complex; the university plans to seek a bank loan and return to TSSBA before exercising the purchase option.
The Tennessee State School Bond Authority on May 19 approved a resolution allowing the University of Tennessee at Knoxville to enter a 10-year lease with two 10-year renewal options and early purchase options for the Cherokee Mills Complex, a 92,000-square-foot facility associated with TUF 2200 Sutherland Avenue LLC.
The lease will allow the university to expand from its current occupancy of about 53,000 square feet to additional space as current tenants move out. The agreement as described to the authority carries a proposed total annual effective cost of $4,131,713.38 and includes early purchase options in 2026…
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