M E M O R A N D U M

      June 15, 2011
		

To:		Members of the Board of Trustees

From: 	Nancy L. Zimpher, Chancellor

Subject:	Acquisition of Real Property – SUNY College of Environmental Science and Forestry

Action Requested

      The proposed resolution authorizes the acquisition of property in the City of Syracuse for the College of Environmental Science and Forestry.

Resolution

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

Whereas it is necessary for the purposes of the State University of New York College of Environmental Science and Forestry to acquire real property to accommodate future growth, specifically the construction of a new 101,000 sq. ft. academic research building which will foster educational and research opportunities and provide the College of Environmental Science and Forestry with a mission-critical facility; now, therefore, be it

Resolved that the approximately 1.62 acre parcel of real property located in the City of Syracuse, County of Onondaga, State of New York, the approximate location of which is identified on the map attached hereto, presently owned by Syracuse University, be purchased for a sum not to exceed $4,250,000, as established by a proper appraisal, and accurate surveys and approval of title to said real property by the Attorney General; and, be it further

Resolved that the Chancellor, or designee, be, and hereby is, authorized to execute any and all documents, notices, maps, or any other instruments necessary or appropriate to effect the acquisition of title to and possession of such real property, directly or indirectly.


Background

	The acquisition of the real property will provide the land necessary for construction of a 101,000 sq. ft. academic research building that will foster educational and research opportunities which ESF is unable to provide within its current research facilities. The academic research building will utilize 60% less energy than a traditional science research building, thereby significantly reducing ESF’s carbon footprint and impact on the environment. It will be a highly sustainable facility that will express innovative technology and provide for world-class research and office space. The facility will have interior and exterior spaces that enable opportunities for cross-disciplinary integration of research activity and collaborations that will serve multiple generations.

	The transaction contemplates the following.  An affiliate of the ESF Foundation has acquired the next-adjoining parcel near the ESF campus, which like the nearly-identically sized parcel owned by Syracuse University, has an appraised value of $4,250,000.  Subject to the successful negotiation of an agreement with Syracuse University, we currently anticipate that the ESF Foundation affiliate and Syracuse University will directly or indirectly swap parcels, and ESF will then purchase from the ESF Foundation affiliate the parcel previously owned by Syracuse University.  In addition, tax counsel has advised that substantially all of the purchase price of the Syracuse University parcel will have to be financed with taxable, rather than tax-exempt, bond proceeds, and approval of the State Division of the Budget has not yet been received for the issuance of such taxable bonds.  
















Board Resolution	-2- 	June 15, 2011