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Margaret Jarrell Cole

AVP, Admin. and Legal Counsel

Strategic Real Estate Development

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Overview• Real Estate Goals• Financing Structure• Guidelines for Developers• Project Review

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Goals• adjacent land for future growth• control of landscape• cash flow• student experience

– student services programs– freshmen on campus

• community partner

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Possible Advantages• ad-valorem tax exemption• tax-exempt financing• access to UCF customers• credibility

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Additional Considerations:• demand• mixed use or special interest• precedence with other projects• reliance on proformas

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Guidelines for Projects• acceptable debt coverage ratios• reserves• predevelopment costs• developer fee to foundation• developer motivation

– land (appraisal)– development fee– timing

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foundation vs. developer

foundation vs. developer

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Guidelines• UCF team

– planning– fee– expenses

• Housing and Student Services• Police Department• Physical Plant, Parking,

and Teledata

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Guidelines• security• donation and match rules• approval process

– BOD– BOT– BOG– planning and zoning– neighbors

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Guidelines• development agreement terms• ground lease or other agreement• balancing control by owners, users

and investors• media liability• exempt organization issues

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Resources• balance sheet and shadow• financial and legal advisors• staff commitment• community relations

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McCulloch & Lockwood

Project

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Is your name on the project?