The UW Board of Regents today approved a memorandum of understanding between the Board of Regents and the University Research Park (URP) to strategically utilize UW-Madison's real estate assets to advance its public academic and research missions.
The agreement allows the university to identify parcels of developable land under its control. With Regents approval, the university will sell identified parcels to URP for improvement, utilization, and general development to their highest and best use in support of UW-Madison's mission and strategic framework.
Goals of the program include promotion of economic development and innovation, expansion of the university's economic impact to the surrounding Madison community and the state, creation of more opportunities for local commerce, and strengthening the long-term fiscal health of UW-Madison, says Rob Cramer, interim vice chancellor for finance and administration.
"We have a valuable partner in University Research Park, with a track record of working with the university, private developers, and businesses for over 30 years to transform former UW-Madison agricultural lands into a thriving innovation district west of campus," Cramer says. "We are building upon that success as we evaluate other assets that can better support our teaching, research and outreach missions."
UW-Madison will continue to maintain authority over campus land use planning in accordance with the campus master plan and in coordination with UW System and other important stakeholders like campus shared governance groups, the city of Madison and Dane County. URP, the private sector, or consultants may be engaged to provide advice, research, or due diligence, but UW-Madison will retain sole authority to identify Campus Development Parcels suitable for development pursuant to this MOU. Real estate strategies will take into consideration and pay respect to the ancestral Ho-Chunk land that is now occupied by UW-Madison.
