The Mississippi Institutions of Higher Learning (IHL) Board of Trustees on a special called meeting approved two agreements enabling the University of Mississippi to move forward with a public‑private student housing project on the Oxford campus.

Dr. Pierce, presenting for board staff, described Item 1 as a 45‑year ground lease with PRG Oxford Properties LLC, a subsidiary of Provident Resources Group, to build approximately 1,250 student beds. "PRG will be the owner of the building and will transfer construction and development responsibilities to Greystar," Dr. Pierce said. He added the term was authorized by "Senate Bill 25 19 of the 2025 legislative session." The speaker said construction would be funded by a primarily tax‑exempt bond offering of approximately $118.4 million and noted Standard & Poor's rated the issue "triple B‑minus" with a stable outlook on Oct. 30, 2025.

Item 2 is a management agreement under which PRG Oxford Properties would provide administrative and operational services while the university performs certain student‑centered functions. Dr. Pierce said the agreement splits "soft" responsibilities—student programming, room assignments, rent collections, residential life staffing and similar functions—with "hard" responsibilities such as mechanical maintenance, facilities and janitorial services assigned to PRG. "PRG will earn an administrative fee which is capped at $250,000 for its role in the operation of the facility," Dr. Pierce said.

Board staff told trustees that lease payments to the university will derive from surplus operating cash flow after operating costs, debt service, management fees, a maintenance reserve and other subordinated expenses. The presenter said rates must be set to meet a 1.2 times debt service coverage requirement, and that PRG retains final authority to set rates to meet those requirements.

Dr. Pierce outlined remedies and timing expectations: the ground lease requires completion by July 31, 2027, and the contract provides remedies if that date is not met, including PRG housing students it displaced and the master trustee stepping in to complete construction. Dr. Pierce also said the university has the option to purchase the facility and defease outstanding bonds at an early date; he cited both a seven‑year and later a five‑year estimate in the presentation and estimated the earliest defeasance cost at about $112 million.

On maintenance, board staff said the agreement requires a $212 maintenance fee per bed to build reserves for repairs; the fee was noted in Standard & Poor's credit analysis as credit‑positive. Bridal Rowland, assistant commissioner for real estate and facilities, told the board the University of Mississippi has specified high‑quality, noncombustible modular construction, third‑party inspections and building‑envelope commissioning to meet campus standards. "High quality design and construction is essential to reducing the frequency of cost of repairs," Rowland said.

Legal staff had reviewed the agreements and board staff recommended approval. Trustee Stevenson moved to approve both items; after a roll‑call vote with recorded trustees responding "aye," the chair announced the motion passed. Trustees Clark, Dr. Cummings and Raider were noted as absent during roll call earlier in the meeting.

The meeting closed after a brief adjournment vote. President Ogletree thanked staff for the work on the project and said the board's next meeting will be at Mississippi State University on Thursday, Nov. 20.