FACILITIESAPPROVED

University of Tennessee Executive Committee Agenda May 2026

UT engages developer for $83M Neyland parking garage

Development cost estimated at $83 million; Development Fee approximately $700,000; University hazardous materials cost share up to $500,000; various contingency funds totaling over $5 millionThe University Of Tennessee System Office865 NEYLAND PARKING DEVELOPER LLCMay 2, 2026

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Description

The Board’s Executive Committee authorized a Development Agreement with 865 Neyland Parking Developer, LLC to manage construction of an $83 million replacement parking garage serving the Neyland Entertainment District. UT will finance the structure through state bond authority and pay a development fee of about $700,000 while retaining ownership of the garage.

Contract Details

Contract Amount

Development cost estimated at $83 million; Development Fee approximately $700,000; University hazardous materials cost share up to $500,000; various contingency funds totaling over $5 million

Vendor

865 NEYLAND PARKING DEVELOPER LLC

Agency

The University Of Tennessee System Office, TN

Contract Type

FACILITIES

Document Date

May 2, 2026

Contract Term

Development period through anticipated Substantial Completion Date of August 1, 2027; Parking structure useful life designed for at least 99 years

Renewal Date

2027-08-01

Renewal Info

Development Agreement includes a Substantial Completion Date currently anticipated as August 1, 2027 and allows UT, after bond repayment, to add the Parking Project into the entertainment district leased premises so the developer assumes maintenance and revenue. Liquidated damages of $5,000 per day apply for late completion, subject to force majeure.

Issuing Agency