University of Michigan Regents Resolution May 2024 Computer Science Addition
UM Regents Approve Facility Lease, Financing With State Building Authority
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Description
The University of Michigan Regents approved contracts and agreements with the State Building Authority to finance, construct, and lease the new Computer Science and Engineering and School of Information Addition, with costs capped at $29,999,800 and annual lease rent not exceeding $2,453,000. The agreement covers execution of all necessary documents to convey, lease, and provide easements for the facility.
Contract Details
Contract Amount
Not exceeding $29,999,800 (lease rental not exceeding $2,453,000/year for up to 40 years)
Vendor
STATE BUILDING AUTHORITY
Agency
University of Michigan Board of Regents, MI
Contract Type
FACILITIES
Document Date
May 16, 2024
Contract Term
Lease term up to 40 years
Renewal Info
Lease term not exceeding 40 years; annual lease-rental payments up to $2,453,000; maximum facility costs $29,999,800. Possible easement and amendment agreements as determined by officers. At end of lease, possible reversion of title.
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