September 25-26, 2003
ITEM 120-2014-R0903 Authorization to Execute an Agreement to Cooperate and a Public Street and Utility Easement for Garfield Street & Fowler Avenue in Connection with the Proposed Sale of MSU Foundation and Advanced Technology Inc. (ATI) Real Property to Mitchell Development Company; Montana State University-Bozeman
THAT: The Board of Regents of Higher Education authorizes Montana State University-Bozeman to execute the Agreement to Cooperate and a Public Street and Utility Easement for Garfield Street &Fowler Avenue in connection with the proposed sale of MSU Foundation/ Advanced Technology Inc. real property to Mitchell Development Company.
EXPLANATION: MSU Foundation and ATI are proposing to sell approximately 73 acres of real property to Mitchell Development and Investments (AMDI@). This property is located west of the University=s main campus, along College Avenue and State Highway 191, adjacent to MSU property.
MDI has requested an Agreement to Cooperate from MSU to assure that MSU will work in good faith to resolve issues that may arise in the development of the land for commercial purposes. MDI has also requested that MSU execute an easement in favor of the City of Bozeman to effectuate the street work required by the City of Bozeman for development of the MDI Property.
Sale of this property will allow MSU Foundation to fulfill its commitment under the Land Board litigation settlement agreement executed in 1997. Sale of this land therefore will ultimately benefit MSU by providing MSU Foundation with funds for its commitment to provide $3 Million Dollars for the construction of a new Animal Biosciences Facility under the terms of the settlement agreement. MSU supports the sale and seeks approval to execute the Agreement to Cooperate to facilitate closing of the proposed sale.
MSU also seeks authority to execute an easement in favor of the City which is necessary for constructing certain street work required by the City of Bozeman for the proposed MDI development. MSU will ultimately benefit from the street work conducted at such time as it may have a need for future development of the adjacent land. MSU is requesting that the value of the street work be considered as sufficient to satisfy the requirement for receipt of full market value.
ATTACHMENTS Agreement to Cooperate and Easement