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TSSBA approves 99-year lease financing for University of Tennessee at Knoxville site
Summary
The Tennessee State School Bond Authority approved a resolution allowing the University of Tennessee at Knoxville to borrow by another method via a 99-year lease with a purchase option with UTFI Real Estate LLC for space at 2501 University Commons Way; the university will prepay roughly $15.6 million (not to exceed $16.5 million) and estimated annual operating costs are $1,266,356.
The Tennessee State School Bond Authority on Feb. 23 approved a resolution allowing the University of Tennessee at Knoxville to finance space via a lease with purchase option between the university and UTFI Real Estate LLC.
An unidentified university representative told the board the lease pertains to…
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