Spring Break
MCG lease approved by Regents
By GREG WILSON
Issue date: 6/12/08 Section: News
The University System of Georgia Board of Regents approved on Wednesday a 20-year lease-purchase agreement for the satellite campus of the Medical College of Georgia.
The Board authorized the University and MCG to spend $25 million to lease the O'Malley building from the University Real Estate Foundation.
Renovations on the 36,845 square-foot building will begin this summer and will finish by June 2009 in time for the first class of medical students to start class, according to a University news release.
"The facility will have anatomy labs, exams rooms, lecture halls and everything we need to teach the first class of medical students," Tom Jackson, vice president for public affairs, said.
The building is located on Williams Street along the North Oconee River and formerly housed a tavern and Dial America.
"We are excited to work in partnership with the University on this endeavor. MCG and UGA will have a new home while the navy supply school is renovated," Eric Orbock, president of the University Real Estate Foundation, said.
The regents will pay $2.5 million for the first year and will have the option of renewing the lease for 20 years at a cost of $1.5 million. After 20 years the University will own the building, according to documents.
The Board also approved new graduate degree programs in international policy and environmental planning and design.
The Board agreed to implement a new "shared services" plan, which will streamline University payroll, John Millsaps, Board of Regents spokesman, said Wednesday.
The Board authorized the University and MCG to spend $25 million to lease the O'Malley building from the University Real Estate Foundation.
Renovations on the 36,845 square-foot building will begin this summer and will finish by June 2009 in time for the first class of medical students to start class, according to a University news release.
"The facility will have anatomy labs, exams rooms, lecture halls and everything we need to teach the first class of medical students," Tom Jackson, vice president for public affairs, said.
The building is located on Williams Street along the North Oconee River and formerly housed a tavern and Dial America.
"We are excited to work in partnership with the University on this endeavor. MCG and UGA will have a new home while the navy supply school is renovated," Eric Orbock, president of the University Real Estate Foundation, said.
The regents will pay $2.5 million for the first year and will have the option of renewing the lease for 20 years at a cost of $1.5 million. After 20 years the University will own the building, according to documents.
The Board also approved new graduate degree programs in international policy and environmental planning and design.
The Board agreed to implement a new "shared services" plan, which will streamline University payroll, John Millsaps, Board of Regents spokesman, said Wednesday.
Viewing Comments 1 - 2 of 3
Winfield J. Abbe
posted 6/12/08 @ 5:57 AM EST
This outrageous corrupt (and totally undemocratic) practice of using a secret organization the so-called "UGA Real Estate Foundation" to secretly take property off the tax rolls of Athens Clarke County and then lease it back to the UGA Regents, also with secret deals with no citizen input or possibility for citizen input is completely illegal with conflicts of interest, and must be stopped immediately by the State of Georgia Legislature. (Continued…)
Justin Hunt
posted 6/12/08 @ 9:34 PM EST
"The University pumped at least $2.1 billion into the Athens-area economy in fiscal year 2007, according to a new study that measures the economic impact of the 35 institutions in the University System of Georgia. (Continued…)
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