Lease agreements for Tech Parks, Maricopa Agricultural Center on ABOR agenda
The University of Arizona will seek approval from the Arizona Board of Regents on lease agreements relating to the Tech Park at The Bridges and the Maricopa Agricultural Center at this week's meeting in Tempe.
The University is requesting ABOR authorization of a 10-year lease – with the option to extend for additional five-year periods – between Boyer Bridges Office 1 LLC and the University for approximately 45,000 square feet in the first building at The Bridges, which is near the intersection of East 36th Street and South Kino Parkway.
This first lease is to secure office, startup, educational and meeting spaces. A 20-year lease for the remaining 15,000 square feet, to be subleased to the University of Arizona Applied Research Corp., is being separately submitted for the committee's review and board's approval. As part of the ground lease and development agreement, Boyer will own all improvements, which will be subject to property taxes.
The University will maintain the flexibility to sublease portions of its space to affiliated entities or companies that are closely aligned with the University's research and technology commercialization goals.
The University intends to establish this building as the epicenter of its innovation enterprise, with offices for Tech Launch Arizona and the University of Arizona Center for Innovation, along with corporate innovation centers, student innovation zones, and convertible meeting, event, classroom and makerspaces.
In addition, the University is requesting approval for a 30-year ground lease between the University and the Arizona Cotton Research and Protection Council at the Maricopa Agricultural Center for a 4.7-acre parcel of land to conduct research related to cotton production and protection.
The council is seeking to develop a research facility at the Maricopa Agricultural Center where University scientists can closely collaborate with cotton growers on research and education projects.
Other items on the agenda (PDF):
- The regents will discuss the development of the 2030 metrics. This spring, ABOR plans to work with the universities to update and revise the current metrics to satisfy the needs of the current board in this changing higher education landscape.
- ABOR will look to appoint a committee to study issues related to student-athlete name, image and likeness issues and to make recommendations to the Legislature that align with national efforts, including those being led by the NCAA.