USF EYE INSTITUTE 1.9 ACRES LOCATED AT NE CORNER OF MAGNOLIA/CITRUS - - PowerPoint PPT Presentation

USF EYE INSTITUTE

1.9 ACRES LOCATED AT NE CORNER OF MAGNOLIA/CITRUS DRIVES, USF TAMPA CO-LOCATED ON BLOCK WITH MOFFITT RESEARCH INSTITUTE 28,876 SF ONE-STORY BUILDING CONSTRUCTED IN 1995, 75 PARKING SPACES MOFFITT DESIRES TO PURCHASE PROPERTY WITH FUTURE PLANS TO DEMOLISH EXISTING BUILDINGS AND BUILD NEW RESEARCH FACILITY

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PROPOSED USF/MOFFITT LETTER OF IN INTENT: KEY ELEMENTS

1. USF EYE INSTITUTE PURCHASE 2. POTENTIAL FOR LEASED/JOINT USE RESEARCH FACILITIES ON PROPERTY AS AGREED IN FUTURE 3. COOPERATION IN COMBINED REPORTING OF RESEARCH AWARDS TO RANKING AGENCIES 4. MOFFITT AGREES TO CONSULT WITH USF PRESIDENT AND USFBOT CHAIR PRIOR TO SEEKING BOG APPROVAL FOR MOFFITT’S ESTABLISHMENT OF ACADEMIC DEGREE PROGRAMS (NOTE: SUCH BOG APPROVAL REQUIREMENT IS SPECIFIED BY MOFFITT’S ENABLING LAW) 5. COOPERATION TO ESTABLISH COLLABORATIVE ACADEMIC PROGRAMS (FOR WHICH MOFFITT PROVIDES FACULTY/OTHER RESOURCES AND USF IS DEGREE GRANTOR) 6. MOFFITT AGREES TO PROVIDE POST-DOCTORAL SCHOLAR AND NON-FACULTY RESEARCHER DATA TO USF FOR REPORTING PURPOSES 7. DOS FACULTY APPOINTMENT PROCESS IMPROVEMENTS

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USE EYE IN INSTITUTE PURCHASE

• EYE INSTITUTE PROPERTY (1.9 ACRES OF CAMPUS LAND AND 28,876 SF BUILDING) ADDED TO MOFFITT SUBLEASE
• APPRAISALS OF TOTAL FEE SIMPLE VALUE OF EYE INSTITUTE LAND/BUILDING:
• 1/30/15 APPRAISAL BY BESHEARS ASSOC.:

$5.19M

• 4/18/16 APPRAISAL BY LEE PALLARDY, INC.:

$4.25M

• 5/24/16 APPRAISAL BY COLLIERS INT’L:

$7.51M AVERAGE: $5.65M

• MOFFITT PAYS AMOUNT WITHIN APPRAISALS’ FAIR MARKET VALUE RANGE AND EQUAL TO TOTAL PROJECT COST (“TPC”) (NOT TO

EXCEED $6M) BASED UPON SUM OF FOLLOWING: 1. NEGOTIATED GUARANTEED MAXIMUM PRICE (“GMP”) FOR DESIGN/BUILD-OUT OF NEW CLINICAL AND OFFICE SPACE TO HOUSE USF OPHTHALMOLOGY AT MORSANI CENTER (MDH) AND ADJACENT FACULTY OFFICE BUILDING (MDF); 2. COST FOR MOVE OF USF OPHTHALMOLOGY FROM CURRENT EYE INSTITUTE TO NEW SPACE IN MDH/MDF, NOT TO EXCEED $30,000; AND 3. FURNITURE, FIXTURES AND EQUIPMENT (“FFE”) COSTS AND REASONABLE CONTINGENCY ALLOWANCE AS AGREED BY PARTIES.

• COST ESTIMATES FOR DESIGN/BUILD-OUT OF MDH/MDF SPACE: $5.5M - $6.5M (CONSERVATIVE)

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USF SF EYE IN INSTITUTE PURCHASE PROCESS SS & TIM TIMELINE

*DEFINITIVE AGREEMENTS: 1. SUBLEASE AMENDMENT – EYE INSTITUTE PROPERTY ADDED TO MOFFITT SUBLEASE (MUST BE APPROVED BY DIVISION OF STATE LANDS) 2. PROPERTY TRANSFER AGREEMENT – MOFFITT PAYMENT, OPHTHALMOLOGY RELOCATION, SURRENDER OF PROPERTY, POTENTIAL FOR LEASED/JOINT USE RESEARCH FACILITIES ON PROPERTY 3. AFFILIATION AGREEMENT ADDENDUM – RESEARCH AWARD REPORTING TO RANKING AGENCIES, ESTABLISHMENT OF ACADEMIC DEGREE PROGRAMS 4. LETTERS OF AGREEMENT – OTHER MATTERS

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LOI SIGNED USFFC ISSUES RFP FOR DESIGN/BUILD SERVICES FOR CONSTRUCTION OF NEW OPHTHALMOLOGY HOME AT MDH/MDF USFFC SELECTS AND NEGOTIATES GMP WITH CONTRACTOR USF NOTIFIES MOFFITT OF GMP AND USF’S PROPOSED TPC USF & MOFFITT AGREE ON TPC/MOFFITT PAYMENT (IF NO AGREEMENT, LOI TERMINATES) USF & MOFFITT PROCEED WITH DEVELOPMENT AND APPROVAL OF DEFINITIVE AGREEMENTS* CLOSING: DEFINITIVE AGREEMENTS SIGNED AND MOFFITT MAKES FULL PAYMENT USFFC SIGNS CONTRACT WITH CONTRACTOR, DESIGN/BUILD WORK INITIATED MOVE OF OPHTHALMOLOGY AND SURRENDER OF PROPERTY TO MOFFITT FINAL RECONCILIATION: IF ACTUAL TPC IS LESS THAN MOFFITT PAYMENT, SAVINGS SHARED 50/50

≯ 10 days ≯ 20 days ≯ 12 months ≯ 30 days

BENEFITS S FOR USF SF

1. MOFFITT PAYS FAIR MARKET VALUE AMOUNT FOR PROPERTY. 2. MOFFITT PAYMENT FULLY FUNDS BUILD-OUT AND MOVE TO NEW MODERN HOME FOR USF OPHTHALMOLOGY. 3. MOVE OF OPHTHALMOLOGY TO MORSANI CENTER ENHANCES CLINICAL/OPERATIONAL EFFICIENCY, PATIENT SATISFACTION, ETC. 4. USF INCLUDES MOFFITT RESEARCH AWARDS IN USF’S REPORTS TO RANKING AGENCIES AS ALLOWED BY RANKING AGENCY POLICIES. THIS WILL IMMEDIATELY INCREASE USF’S RANK (CHART BELOW), AND CONTINUE TO BENEFIT USF’S RANKING IN FUTURE AS MOFFITT’S RESEARCH ENTERPRISE GROWS. 5. MOFFITT REPORTS POST-DOCTORAL SCHOLAR AND NON-FACULTY RESEARCHER DATA TO USF FOR BOG REPORTING PURPOSES. 6. MOFFITT OBLIGATION (FOR FULL TERM OF AFFILIATION AGREEMENT, I.E. UNTIL 2073) TO CONSULT WITH USF PRESIDENT AND UBOT CHAIR PRIOR TO SEEKING BOG APPROVAL FOR MOFFITT TO ESTABLISH ACADEMIC DEGREE PROGRAMS. (NOTE: BOG APPROVAL REQUIREMENT IS SPECIFIED BY MOFFITT’S ENABLING LAW). 7. MOFFITT AND USF AGREE TO COOPERATE TO ESTABLISH COLLABORATIVE ACADEMIC PROGRAMS BASED AT MOFFITT FOR WHICH USF IS DEGREE GRANTOR. (IN ADDITION TO OTHER BENEFITS, THIS ENCOURAGES PATHWAY FOR CREATION OF ACADEMIC DEGREE PROGRAMS TO SERVE PARTIES’ SHARED MISSIONS, AND ABATES NEED/RATIONALE FOR MOFFITT TO SEEK BOG APPROVAL TO ESTABLISH ITS OWN DEGREE PROGRAMS). 8. POTENTIAL FOR LEASED/JOINT USE RESEARCH FACILITIES ON PROPERTY.

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BLUE RIDGE RANKING 2014 2015 MCOM RANK 63 48 MCOM RANK W/ MOFFITT 49 37 UP 14 SPOTS UP 11 SPOTS USF RANK 88 65 USF RANK W/ MOFFITT 66 49 UP 22 SPOTS UP 16 SPOTS