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Subcommittee approves 99-year University of Tennessee lease at University Commons pending bond authority review
Summary
The Executive Subcommittee approved a 99-year lease and purchase-option for University of Tennessee space at 2501 University Commons Way, with the university planning to prepay roughly $15.625 million (cap $16.5 million) and estimated annual operating costs of about $1.266 million; approval is conditioned on Tennessee State School Bond Authority action.
The State Building Commission Executive Subcommittee approved a 99-year lease with a purchase option for space at 2501 University Commons Way in Knoxville, the panel heard.
Associate Vice President Austin Oakes told the subcommittee the lease will provide space for student recreation and storage. "This lease term is for 99 years," he said, and the university is planning to prepay rent "to the total of approximately 15,625,000" with a "not to exceed cap of 16,500,000." Oakes also said the university anticipates annual operating costs of about $1,266,000.
The chair moved to approve the item "pending the action of the TSSBA," and members approved the motion by voice vote. Oakes noted the item must also go before the Tennessee State School Bond Authority for its subsequent action.
The approval authorizes the university’s long-term occupancy at the University Commons complex subject to the bond authority’s review. The subcommittee did not record an individual roll-call vote in the transcript; approval was taken by voice. The item will proceed to the Tennessee State School Bond Authority for final consideration.
