REVISED

M E M O R A N D U M

							November 17, 2010

To:		Members of the Board of Trustees

From:		Nancy L. Zimpher, Chancellor

Subject:   	Ground Lease for Medical Office Building - State University 		of New York at Stony Brook


        I recommend that the Board of Trustees adopt the following resolution:

Whereas the State University of New York at Stony Brook proposes to enter into a ground lease of approximately 4 acres (to be located southwest of Stony Brook University Hospital) and approximately 8 acres (to be located southeast of Stony Brook University Hospital) with Stony Brook Foundation Realty, Inc. to facilitate construction of a medical office building and parking facilities to support the provision of quality health care to the surrounding communities; 

Whereas Stony Brook Foundation Realty, Inc. is a notforprofit corporation which is wholly owned by Stony Brook Foundation, Inc., a notforprofit corporation, and both corporations have as their exclusive purpose the benefit of the State University of New York at Stony Brook; and 

Whereas legislation is required to authorize State University at Stony Brook to enter into a ground lease; now, therefore, be it 

Resolved that the State University supports the enactment of ground lease legislation substantially in the form attached hereto; and be it further 

Resolved that the Chancellor, or designee, be, and hereby is, authorized to take actions necessary or appropriate to undertake a ground lease for a medical office building and parking facilities at the State University of New York at Stony Brook.  
Background
 
        State University of New York at Stony Brook requires this legislation to grant a ground lease to Stony Brook Foundation Realty, Inc. to facilitate construction of a medical office building and parking facilities to support the provision of quality health care to the surrounding communities.
        

        
        
        
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Board Resolution		November 17, 2010