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University of Tennessee approved short-term housing lease and five-year holding option for Maplehurst property
Summary
The State Building Commission subcommittee approved a one‑year lease for nine two‑bedroom units to house medical and dental trainees at $3,703 per unit per month, and separately approved a five‑year holding and option agreement giving UT control over ~5.6 acres and a 199‑unit apartment complex near UTK with a maximum annual holding cost of $1.5 million.
The State Building Commission Executive Subcommittee approved two University of Tennessee requests: a one‑year housing lease and a separate holding and option agreement for a 5.6‑acre property near the UT Knoxville campus.
Associate Vice President Austin Oakes told commissioners the lease would “provide program participants, specifically, MD residents and those in clinical rotations in the dentistry program, with housing in Knoxville through up to 9 two‑bedroom units” at a proposed monthly rate of $3,703 per unit. The subcommittee moved and approved the lease by voice vote.
Oakes also described a holding and option agreement with Tufts UT Park LLC (an affiliated entity of the University Financing Foundation) that would give UT Knoxville control of approximately 5.6 acres currently improved with a 199‑unit apartment complex at 814 West Hill Avenue. The agreement term is five years with a 15‑year extension option and a stated maximum annual holding cost of $1,500,000; Oakes said the University would compensate the counterparty up to $10,000,000 in certain one‑third party sale scenarios and would share in profits if the property were sold at a profit. The committee approved that agreement by voice vote.
A committee member asked whether the Corporate 0.25 approval was contingent on a separate body; staff clarified the UT approvals were contingent on the Tennessee State School Bond Authority (TSSBA) review, and Oakes confirmed they would meet with TSSBA later that day. No roll‑call votes were recorded in the transcript; approvals were completed by voice vote.
