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Bond authority approves 30-year lease for UT Health Science Center dental clinic in rural community
Summary
The Tennessee State School Bond Authority approved a 30-year lease allowing the University of Tennessee Health Science Center to occupy 1589 Highway 128 under a nominal $1-per-year lease with the Bill and Carol Latimer Charitable Foundation; UT will cover operating and maintenance costs and said the clinic will expand rural dental access and support dental student training.
The Tennessee State School Bond Authority on May 20 approved a 30-year lease allowing the University of Tennessee Health Science Center (UTHSC) to occupy 1589 Highway 128 under an agreement with the Bill and Carol Latimer Charitable Foundation.
Austin Oaks, the authority's presenter, said the lease will provide space for a new dental clinic that "will create a new dental clinic expanding access to oral health care in rural communities and support the clinical education of the next generation of our dentists." The lease term is for 30 years and UTHSC will be responsible for $1 per year in lease payment and for all operating costs, including minor and capital maintenance and utilities, Oaks said.
Board members moved and seconded a motion to proceed; a roll-call vote approved the item unanimously.
The authority packet lists the property at 1589 Highway 128 and frames the lease as "borrowing by another method" because it relies on a lease structure rather than a traditional bond sale. Oaks said staff are available to answer technical questions about the arrangement.
The authority's approval allows UTHSC to proceed with the lease and the clinic project; the board recorded no conditions or amendments to the motion during the meeting.
