FACILITIESAPPROVED

Auburn University Board of Trustees Agenda Packet 2026-06-05

New Stormwater Research Facility via IDB Leaseback

Ground lease rent $10.00/year (nominal); project lease rent equal to costs of building and equipping New SRF Research Facility and related operating expensesAuburn University At MontgomeryINDUSTRIAL DEVELOPMENT BOARD OF THE CITY OF AUBURNJune 5, 2026

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Description

The Auburn Board of Trustees expects to approve a ground lease and project lease with the Industrial Development Board of the City of Auburn to build a new 5,000-square-foot Stormwater Research Facility at the NCAT Test Track. The IDB will construct and lease the facility back to the University for up to 20 years at rent equal to project and operating costs, with nominal ground rent.

Contract Details

Contract Amount

Ground lease rent $10.00/year (nominal); project lease rent equal to costs of building and equipping New SRF Research Facility and related operating expenses

Vendor

INDUSTRIAL DEVELOPMENT BOARD OF THE CITY OF AUBURN

Agency

Auburn University At Montgomery, AL

Contract Type

FACILITIES

Document Date

June 5, 2026

Contract Term

Ground Lease and Project Lease each up to but not exceeding 20 years

Renewal Info

Ground Lease and Project Lease may extend up to 20 years; any renewal or extension beyond that would require new agreements. The University will own the facility at the end of the project lease as outlined in the supporting memorandum.

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