University of Tennessee Executive Committee Agenda May 2026
UT approves long-term lease for Neyland Entertainment District
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Description
The University of Tennessee Board Executive Committee approved a 99‑year ground lease with 865 Entertainment Developer LLC for the Neyland Entertainment District project. UT will receive $750,000 in annual base rent plus percentage rent on gross revenues while the developer finances and operates the $65 million entertainment complex.
Contract Details
Contract Amount
$65 million development cost; annual Base Rent $750,000 plus Percentage Rent
Vendor
865 ENTERTAINMENT DEVELOPER LLC
Agency
The University Of Tennessee System Office, TN
Contract Type
FACILITIES
Document Date
May 2, 2026
Contract Term
99-year Entertainment District Ground Lease; University purchase option at year 40 and every 10 years thereafter
Renewal Info
Initial 99-year ground lease with University option to purchase the Entertainment District on the 40th anniversary and every 10 years thereafter; lease may terminate earlier upon default or University exercise of repurchase rights.
More from The University Of Tennessee System Office
University of Tennessee Executive Committee Agenda May 2026
University of Tennessee Executive Committee Agenda May 2026
University of Tennessee Executive Committee Agenda May 2026
University of Tennessee Executive Committee Agenda May 2026
University of Tennessee Executive Committee Agenda May 2026
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