May 19-20, 2005
ITEM 127-2006-R0505 Authorization to Execute an Office Building Lease for Grant Funded Programs; MSU-Bozeman
THAT: The Board of Regents of the Montana University System authorizes Montana State University-Bozeman to execute a fifteen year lease for space in a private facility located south of campus.
EXPLANATION: MSU proposes to enter into a fifteen year lease for 20,400 square feet of space in the former Video Lottery Technology building, one block south of the campus on South Seventh Street. The space will be used by the Western Transportation Institute (WTI) and the Montana Manufacturing Extension Center (MMEC).
Annual lease payments will be $26,350 per month, subject to adjustments as outlined in the Office Building Lease. The two grant funded programs, WTI and MMEC, will vacate the rented space in the leased Veterinary and Molecular Biology building to allow more room for VMB operations and will move to this rented space. Rent payments will be funded by Facilities and Administration [F&A] funds generated from sponsored research activity. Other terms and conditions of the lease are outlined in the attached Office Building Lease. The lease has been reviewed and approved by the campus Legal Counsel. The lease terms are similar to the terms previously agreed upon for other leases for off-campus space.