PURCHASE OF PROPERTY AT 1918 W. SYCAMORE

The University has the opportunity to purchase the property located at 1918 W. Sycamore Street. It is a ten unit condominium complex located on a single 0.34 acre lot. Each of the ten units has two bedrooms and 1.5 baths. This property is bounded on three sides by University owned property and is located just south of the College Inn. It would be prudent to make this purchase in order to continue development of the campus in accordance with the University Master Plan. The property will be used initially to house staff and the UNT Press which are currently located in Chestnut and Edwards Halls. Those two substandard buildings will be razed to clear the site of the new Student Recreation Center.

The President recommends, with the concurrence of the Chancellor, that the Board of Regents approve the:

1. Purchase of the property at 1918 W. Sycamore Street for an amount not to exceed $448,500 plus applicable closing costs.
2. Submission of the property purchase request to the Texas Higher Education Coordinating Board for approval.

Source of Funds: Higher Education Assistance Fund