Ms. Allison Stephens, Vice Chair Mrs. Carol Del Carlo Dr. Mark W. Doubrava Mr. John T. Moran. Dr. Jason Geddes, Vice Chairman

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1 Minutes are intended to note: (a) the date, time and place of the meeting; (b) those members of the public body who were present and those who were absent; and (c) the substance of all matters proposed, discussed and/or action was taken on. Minutes are not intended to be a verbatim report of a meeting. An audiotape recording of the meeting is available for inspection by any member of the public interested in a verbatim report of the meeting. These minutes are not final until approved by the Board of Regents at the September 2018 meeting. BOARD OF REGENTS and its BUSINESS, FINANCE AND FACILITIES COMMITTEE NEVADA SYSTEM OF HIGHER EDUCATION Sierra Building, Room 108 Truckee Meadows Community College 7000 Dandini Boulevard, Reno Thursday, June 7, 2018 Members Present: Members Absent: Other Regents Present: Others Present: Mr. Trevor Hayes, Chair Ms. Allison Stephens, Vice Chair Mrs. Carol Del Carlo Dr. Mark W. Doubrava Mr. John T. Moran Mr. Anthony L. Williams Mr. Kevin J. Page, Chairman Dr. Jason Geddes, Vice Chairman Mr. Chet O. Burton, Chief Financial Officer Mr. Nicholas Vaskov, System General Counsel Mr. Michael Flores, Chief of Staff to the Chancellor Mr. Bart J. Patterson, President, NSC Dr. Marc A. Johnson, President, UNR Mr. Mark Ghan, Acting President, WNC Ms. Carissa Bradley, ASUN Vice President, UNR, was also in attendance. For others present please see the attendance roster on file in the Board Office. Chair Hayes called the meeting to order at 9:00 a.m. with all members present except Regent Williams. 1. Information Only Public Comment College of Agriculture, Biotechnology and Natural Resources (CABNR) Dean William Payne thanked constituents and stakeholders who have shown support for CABNR. Dean Payne stated he and President Johnson have discussed and arrived at a mutual plan that includes positions, programs and research that will allow the college to move forward. The following individuals spoke against the potential sale of acreage at the Main Station Field Laboratory: Ms. Melissa Jones, UNR CABNR; Ms. Baylee Robinson, UNR CABNR; Mr. Dennis Bohmont, concerned citizen; Ms. Brieanna Wooden, UNR CABNR; Mr. John Whiting, UNR CABNR; Mr. Blane Merkley, UNR CABNR Senator; Ms. Angela Bader, UNR Alumni; Ms. Gail Kosach, UNR CABNR Advisory Board Member; Mr. Jerry Snyder; Mr. Doug Busselman, Nevada Farm Bureau; (BUSINESS, FINANCE & FACILITIES COMMITTEE 09/06/18) Ref. BFF-2a, Page 1 of 13

2 Business, Finance & Facilities Committee Minutes Page 2 1. Information Only Public Comment (Continued) Dr. Michael E. Fischer; Mr. John Laxague; Dr. Glenn Miller, UNR CABNR; Dr. Ron Pardini, UNR CABNR; and Mr. Louis Test, UNR CABNR Advisory Board Member. Mr. Mike Kazmierski, President & CEO, EDAWN, provided input on the need for the University to continue to upgrade and invest in the future. This region is in transition and EDAWN is excited about developments, including five tech company announcements in the past week. The transition requires a greater support and involvement from the University than ever. The first thing many prospects ask is what opportunities are available at the University. State Assemblyman John Ellison, District 33, asked the Committee to postpone a decision on Business, Finance and Facilities Agenda Items 5 (Authorization to Sell Approximately 40 Acres at the Main Station Field Laboratory and Utilization of Sale Proceeds Resolution UNR) and 6 (Authorization to Sell the Approximately 104 Acres MSFL McCarran Center Planned Unit Development Located at the University of Nevada, Reno Main Station Field Laboratory and Utilization of Sale Proceeds Resolution UNR) until the impacts of the sale and use of the funds are known. Dr. Michael Hitchcock stated UNR is severely under-resourced in laboratory space. There is a major need to expand and upgrade existing laboratories. Many of the laboratories cannot be retrofitted to modern standards of safety and function. Those that can be upgraded should be, but there is still a great need for a laboratory building. 2. Approved Consent Items The Committee recommended approval of the consent items. 2a. Approved Minutes The Committee recommended approval of the March 1, 2018, meeting minutes. (Ref. BFF-2a on file in the Board Office.) 2b. Approved Third Quarter Fiscal Year Budget Transfers State- Supported or Self-Supporting Operating Budgets The Committee recommended approval of the report of the Third Quarter Fiscal Year Budget Transfers of State Supported or Self-Supporting Operating Budget Funds between Functions. (Refs. BFF-2b(1) & BFF-2b(2) on file in the Board Office.) 2c. Approved Naming of New and Existing Buildings UNR The Committee recommended approval to name new and existing buildings. (Ref. BFF-2c on file in the Board Office.) 2d. Approved Grant of Access Easement to Advanced Rail Energy, LLC GBC The Committee recommended: a) approval of the Access Easement to Advanced Rail Energy Storage, LLC; and b) authorization for the Chancellor to execute any ancillary documents necessary to effectuate the Access Easement on forms approved by the NSHE General Counsel. (Ref. BFF-2d on file in the Board Office.) (BUSINESS, FINANCE & FACILITIES COMMITTEE 09/06/18) Ref. BFF-2a, Page 2 of 13

3 Business, Finance & Facilities Committee Minutes Page 3 2. Approved Consent Items (Continued) 2e. Approved Building Naming, J. Russell & Carol Raker Student Success Center NSC The Committee recommended approval to name the Nevada State College building located at 1202 High Tech Circle, Henderson, Nevada, as the J. Russell & Carol Raker Student Success Center pursuant to the NSHE Procedures and Guidelines Manual, Chapter 1, Section 2(2). (Ref. BFF-2e on file in the Board Office.) Regent Doubrava moved approval of the consent items. Regent Del Carlo seconded. Motion carried. Regent Williams was absent. 3. Information Only Third Quarter Fiscal Year Fiscal Exceptions The Third Quarter Fiscal Year Report of Fiscal Exceptions of Self-Supporting Accounts was presented. (Refs. BFF-3a & BFF-3b on file in the Board Office.) Chief Financial Officer (CFO) Chet O. Burton reviewed the Third Quarter Fiscal Year Report of Fiscal Exceptions. 4. Approved Amended and Restated Development Agreement, Redfield Campus Resolution UNR The Committee recommended approval to amend and restate the 1996 Development Agreement, Agreement of Covenants, Conditions and Establishment of Restrictions and Grants of Easement with the Nell J. Redfield Foundation for the Redfield Campus (APN ) after consultation with Business, Finance and Facilities Committee Chair and review by NSHE General Counsel. (Ref. BFF-4 on file in the Board Office.) President Marc A. Johnson reported the Nell J. Redfield Foundation gave this property to the University 25 years ago. The Development Agreement required the University to build-out 500,000 square feet of campus space by The University has only builtout approximately 100,000 square feet and does not foresee it will reach the build-out requirement. An agreement has been made to revert the land that the University does not anticipate using while still maintaining enough land to double the size of the Redfield Campus. In response to a question from Chair Hayes, President Johnson stated the land is fairly distant from the main campus and it has been difficult for departments to determine that they want to move that far south. Regent Del Carlo moved approval to amend and restate the 1996 Development Agreement, Agreement of Covenants, Conditions and Establishment of Restrictions and Grants of Easement with the Nell J. Redfield Foundation for the Redfield Campus (APN ) after consultation with Business, Finance and Facilities Committee Chair and review by NSHE General Counsel. Vice Chair Stephens seconded. Motion carried. Regent Williams was absent. (BUSINESS, FINANCE & FACILITIES COMMITTEE 09/06/18) Ref. BFF-2a, Page 3 of 13

4 Business, Finance & Facilities Committee Minutes Page 4 Chair Hayes asked System General Counsel (GC) Nicholas Vaskov if discussion for Agenda Items 5 (Authorization to Sell Approximately 40 Acres at the Main Station Field Laboratory and Utilization of Sale Proceeds Resolution UNR) and 6 (Authorization to Sell the Approximately 104 Acres MSFL McCarran Center Planned Unit Development Located at the University of Nevada, Reno Main Station Field Laboratory and Utilization of Sale Proceeds Resolution UNR) could be combined. Chair Hayes also asked System GC Vaskov to address questions whether the agenda items provided proper notice as to potential Committee action. System GC Vaskov believed the agenda items were noticed properly as a delegation of authority to the Board of Regents and UNR to complete the transactions. There is a clear and complete statement of what is being asked. System GC Vaskov stated the discussion related to both items could be taken together. Chair Hayes stated concerns had been raised about the legality and ability of the Board to sell the acreage under the Hatch Act and whether the Governor would have to sign off on the sale. System GC Vaskov stated that Board Resolution 81-8 is a statement of intent and policy by the Board. The Board has authority at all times to rescind the Resolution in whole or in part for any particular transaction. UNR is asking that the Board rescind the Resolution to complete the transactions. Nevada Revised Statute requires that the sale of any properties be used consistent with any gift agreements in place. System GC Vaskov stated the sale would be consistent since there are no legal restrictions on the use or sale of the property. He added the property did not fall under any land grant provisions. President Johnson clarified UNR did purchase the property. Discussion was held on Agenda Items 5 and 6 together. 5. Approved Authorization to Sell Approximately 40 Acres at the Main Station Field Laboratory and Utilization of Sale Proceeds Resolution UNR The Committee recommended: 1) pre-approval to sell real property consisting of the approximately 40 acres identified at the Main Station Field Laboratory (MSFL) located in Reno, Nevada (APN ) for a value at or above current appraised value; 2) approval of a resolution authorizing the Chancellor or his designee to approve and execute, after consultation with the Business, Finance and Facilities Committee Chair and NSHE General Counsel, documentation to sell the property for an amount at or above the appraised value, and to sign corresponding easements, escrow and title documents associated with the sale and close of escrow; and 3) Rescission of Board Resolution 81-8 with respect to the sale proceeds subject to approval by the Board, at its September meeting, of a detailed spending plan for sale proceeds. (Ref. BFF-5 on file in the Board Office.) President Johnson stated since the recession the University has constructed and renovated many facilities. Since 2012 the University has paid off $32 million in debt and invested more than $462 million in improvements, using only $66 million in state funds. The University has never started a project without knowing funds are available to complete it. Financing plans have been made for each project using a combination of institutional funds, donor gifts, student capital improvement fees and cash from asset liquidation. The University has turned its strategic attention to teaching and research laboratory renovations. At the January Special Board of Regents meeting, the University explained that priority spending of the operating reserve distribution was going toward the construction of seven CABNR laboratories and the remainder of the funds would be used to hire the architects and consultants to guide quality improvements in the laboratories. During the process, the University found that chemistry, physics and neuroscience (BUSINESS, FINANCE & FACILITIES COMMITTEE 09/06/18) Ref. BFF-2a, Page 4 of 13

5 Business, Finance & Facilities Committee Minutes Page 5 5. Approved Authorization to Sell Approximately 40 Acres at the Main Station Field Laboratory and Utilization of Sale Proceeds Resolution UNR (Continued) laboratories are in buildings with sufficient integrity that a renovation can improve the spaces. The buildings occupied by CABNR cannot be renovated for modern laboratories, so the University has proposed a state planning grant to prepare the state for participation in a new life sciences building. The University is proposing to sell two parcels on the Main Station Farm representing 16 percent of the total acreage of the Main Station Field Laboratory to generate cash to help finance the renovations. The University has committed to preserving the remaining acreage for future agricultural research and teaching. President Johnson stated that Dean Payne recommended that using the same amount of funds to develop another CABNR property would more than replace the land being sold for experimental purposes. While working with Dean Payne, President Johnson learned of other useful projects that will contribute to an international reputation in dryland agriculture and urban farming in Clark County. The recommendations will provide useful, forward-looking agricultural science at a present value of nearly half the value of the parcel sales over time but with a cash flow structure which allows the University to continue its plan for the renovations. The University must invest broadly and sequentially to accomplish the strategic goals of the Board and the University. The materials that the Board has received show the University bought the Main Station Farm with state funds. The Board of Regents on behalf of the University has the right to sell the property. The 104-acre parcel is under a sales contract, subject to buyer due diligence and Board approval. The 40-acre parcel is being marketed by a broker. UNR is asking that the sales be pre-approved in order for the Chancellor to complete the sales in a timely manner. President Johnson asked the Board to support University management to continue with its financial strategy for improvement of University facilities to achieve strategic objectives of excellent education and greater research capacity by rescinding Board Resolution 81-8 related to the sale proceeds. Dean Payne provided the terms of discussion and how the use of funds will benefit CABNR s mission. The benefits include: Upgrade to the Jay Dow Wetlands Facility. Advance a key position in urban agriculture in Clark County. Create a grazing and range management center in Eureka. Allow for an ADA compliant classroom for the veterinary students. Public commitment to a conservation easement with half the proceeds to CABNR. Launch an international center for dryland agriculture. Public support for the creation of a research facility in Clark County. Board Vice Chairman Geddes reported he has had concerns through the years related to the Main Station Farm. He appreciated the direction of past colleagues, but the current Regents should not be bound by the Resolution and must make the best decisions for the System at this time. He believed the plan worked out by President Johnson and Dean Payne is a great resolution. He believed the sale should be approved with a caveat that a report is presented at the September Board meeting that includes details of the spending plan. (BUSINESS, FINANCE & FACILITIES COMMITTEE 09/06/18) Ref. BFF-2a, Page 5 of 13

6 Business, Finance & Facilities Committee Minutes Page 6 5. Approved Authorization to Sell Approximately 40 Acres at the Main Station Field Laboratory and Utilization of Sale Proceeds Resolution UNR (Continued) Regent Doubrava moved: 1) pre-approval to sell real property consisting of the approximately 40 acres identified at the Main Station Field Laboratory (MSFL) located in Reno, Nevada (APN ) for a value at or above current appraised value; 2) approval of a resolution authorizing the Chancellor or his designee to approve and execute, after consultation with the Business, Finance and Facilities Committee Chair and NSHE General Counsel, documentation to sell the property for an amount at or above the appraised value, and to sign corresponding easements, escrow and title documents associated with the sale and close of escrow; 3) rescission of Board Resolution 81-8 with respect to the sale proceeds so such funds can be used for the purpose of renovating critical lab facilities on the main campus; and 4) a report be submitted at the September 6-7, 2018, meeting that includes a detailed spending plan of the sale proceeds. Vice Chair Stephens seconded. Chair Hayes asked Regent Doubrava to clarify that his motion included the revised plan as described by President Marc Johnson and Dean William Payne, with 50 percent of the sale proceeds going to CABNR. Regent Doubrava agreed. Regent Del Carlo stated having the compromise in place that will allow the other properties to be developed will benefit the University and CABNR. Regent Moran did not believe the process had been transparent. Regent Moran was concerned that he could not make a financially sound decision because he had not received a comparison to show the land is being sold for fair market value. This is a very valuable piece of real estate that was put in place specifically by an individual who had a forethought as to how the funds would be spent. President Johnson reiterated that the property was not gifted with a specific purpose but purchased with bond funds from the state for use by the University. UNR has used the land for agriculture but was not restricted to do so. The land was put up for sale in an open request for proposal with a minimum sale price of $20 million since there is a current appraisal of $20 million. Chair Hayes did not feel the Board should be bound by the Resolution. The land belongs to the people of Nevada and the Board is only the caretaker of the land. He did not believe there is enough information as to the best use of the land. He was unsure if this is an under-utilized asset and he did not know if the proceeds would be used to educate the next generation of Nevadans. (BUSINESS, FINANCE & FACILITIES COMMITTEE 09/06/18) Ref. BFF-2a, Page 6 of 13

7 Business, Finance & Facilities Committee Minutes Page 7 5. Approved Authorization to Sell Approximately 40 Acres at the Main Station Field Laboratory and Utilization of Sale Proceeds Resolution UNR (Continued) Regent Del Carlo asked if the Board had the option to permanently rescind Board Resolution 81-8, with Chair Hayes responding he would ask for the Committee to review it at a future meeting during new business. Board Vice Chairman Geddes clarified whether the motion was to approve the sale and require the President to come back with a spending plan in September. Vice Chair Stephens made a friendly amendment to read as follows: 1) pre-approval to sell real property consisting of the approximately 40 acres identified at the Main Station Field Laboratory (MSFL) located in Reno, Nevada (APN ) for a value at or above current appraised value; 2) approval of a resolution authorizing the Chancellor or his designee to approve and execute, after consultation with the Business, Finance and Facilities Committee Chair and NSHE General Counsel, documentation to sell the property for an amount at or above the appraised value, and to sign corresponding easements, escrow and title documents associated with the sale and close of escrow; and 3) rescission of Board Resolution 81-8 with respect to the sale proceeds subject to approval by the Board, at its September meeting, of a detailed spending plan for the sale proceeds. Regent Doubrava and Vice Chair Stephens accepted the friendly amendment. In response to a question from Chair Hayes, Dean Payne stated it was his opinion that the sale would allow CABNR to enhance the student experience. Chair Hayes asked if CABNR received no proceeds from the sale of the land would its ability to educate students to be lessened. Dean Payne responded absolutely because they would lose the acreage that ongoing research is occurring, as well as the loss of $150,000 in revenue. Motion carried. Chair Hayes and Regent Moran voted no. Regent Williams was absent. 6. Approved Authorization to Sell the Approximately 104 Acres MSFL McCarran Center Planned Unit Development Located at the University of Nevada, Reno Main Station Field Laboratory and Utilization of Sale Proceeds Resolution UNR The Committee recommended: 1) pre-approval to sell real property consisting of the approximately 104 acres McCarran Center Planned Unit Development located at the Main Station Field Laboratory (MSFL) located in Reno, Nevada (APN ) for a value at or above current appraised value; 2) approval of a resolution authorizing the Chancellor or his (BUSINESS, FINANCE & FACILITIES COMMITTEE 09/06/18) Ref. BFF-2a, Page 7 of 13

8 Business, Finance & Facilities Committee Minutes Page 8 6. Approved Authorization to Sell the Approximately 104 Acres MSFL McCarran Center Planned Unit Development Located at the University of Nevada, Reno Main Station Field Laboratory and Utilization of Sale Proceeds Resolution UNR (Continued) designee to approve and execute, after consultation with the Business, Finance and Facilities Committee Chair and NSHE General Counsel, documentation to sell the property for an amount at or above appraised value, and to sign corresponding easements, escrow and title documents associated with the sale and close of escrow; and 3) Rescission of Board Resolution 81-8 with respect to the sale proceeds subject to approval by the Board, at its September meeting, of a detailed spending plan for sale proceeds. (Ref. BFF-6 on file in the Board Office.) Vice Chair Stephens moved: 1) pre-approval to sell real property consisting of the approximately 104 acres McCarran Center Planned Unit Development located at the Main Station Field Laboratory (MSFL) located in Reno, Nevada (APN ) for a value at or above current appraised value; 2) approval of a resolution authorizing the Chancellor or his designee to approve and execute, after consultation with the Business, Finance and Facilities Committee Chair and NSHE General Counsel, documentation to sell the property for an amount at or above appraised value, and to sign corresponding easements, escrow and title documents associated with the sale and close of escrow; and 3) Rescission of Board Resolution 81-8 with respect to the sale proceeds subject to approval by the Board, at its September meeting, of a detailed spending plan for sale proceeds. Regent Del Carlo seconded. Motion carried. Chair Hayes and Regent Moran voted no. Regent Williams was absent. 7. Approved Purchase of Real Property Located at 1050 Evans Avenue, Reno, Nevada Resolution UNR The Committee recommended approval to purchase 1050 Evans Avenue, Reno, Nevada (APN ) for the purchase price of $400, and approval of a resolution authorizing the Chancellor or his designee to approve and sign the escrow and title documents associated with the purchase of the real property, after consultation with the Business, Finance and Facilities Committee Chair and review by the NSHE General Counsel. (Ref. BFF-7 on file in the Board Office.) (BUSINESS, FINANCE & FACILITIES COMMITTEE 09/06/18) Ref. BFF-2a, Page 8 of 13

9 Business, Finance & Facilities Committee Minutes Page 9 7. Approved Purchase of Real Property Located at 1050 Evans Avenue, Reno, Nevada Resolution UNR (Continued) Vice Chair Stephens moved approval to purchase 1050 Evans Avenue, Reno, Nevada (APN ) for the purchase price of $400, and approval of a resolution authorizing the Chancellor or his designee to approve and sign the escrow and title documents associated with the purchase of the real property, after consultation with the Business, Finance and Facilities Committee Chair and review by the NSHE General Counsel. Regent Del Carlo seconded. Motion carried. Regent Williams was absent. 8. Approved Purchase of Real Property Located at 745 W. Moana Lane, Reno, Nevada Resolution UNR The Committee recommended approval to purchase 745 W. Moana Lane, Reno, Nevada (APN ) for the purchase price of $9,000, and approval of a resolution authorizing the Chancellor or his designee to approve and sign the escrow and title documents associated with the purchase of the real property, after consultation with the Business, Finance and Facilities Committee Chair and review by the NSHE General Counsel. (Ref. BFF-8 on file in the Board Office.) President Johnson stated this is a very valuable purchase for the expansion of clinical activity and research at the University of Nevada, Reno School of Medicine (UNR Med). This is also the first example of UNR using its internal loan funds to save money. In response to a question from Chair Hayes, Dean Thomas L. Schwenk stated this was a very high-quality investment and far superior to a long-term lease. This is an opportunity for UNR Med to expand primary care services and to teach in the community. Vice Chair Stephens moved approval to purchase 745 W. Moana Lane, Reno, Nevada (APN ) for the purchase price of $9,000, and approval of a resolution authorizing the Chancellor or his designee to approve and sign the escrow and title documents associated with the purchase of the real property, after consultation with the Business, Finance and Facilities Committee Chair and review by the NSHE General Counsel. Regent Del Carlo seconded. Motion carried. Regent Williams was absent. (BUSINESS, FINANCE & FACILITIES COMMITTEE 09/06/18) Ref. BFF-2a, Page 9 of 13

10 Business, Finance & Facilities Committee Minutes Page Approved Lease Amendment for 6100 Neil Road, Reno, Nevada UNR The Committee recommended approval of the Lease Amendment for 6100 Neil Road, Reno, Nevada (APN ). (Ref. BFF-9 on file in the Board Office.) President Johnson stated this lease is to allow the Small Business Development Center to change rooms. Regent Del Carlo moved approval of the Lease Amendment for 6100 Neil Road, Reno, Nevada (APN ). Regent Doubrava seconded. Motion carried. Regent Williams was absent. 10. No Action Taken Student Housing Project NSC Nevada State College President Bart J. Patterson and Vice President for Finance and Business Operations Kevin Butler addressed concerns and questions related to the student housing project. (Ref. BFF-10 on file in the Board Office.) President Patterson stated the Student Housing Project is viewed as a critical student demand and also a way to improve student success by building living-learning communities. President Patterson stated two issues arose that were not adequately addressed in the briefing paper which is why NSC requested the item be for information only. Outside Counsel Michael B. Wixom addressed concerns that had been raised: A start date will be within two years of the execution of the Lease and the completion date will be 18 months after the commencement date. Mechanics liens have been addressed by 1) confirming that the filing of a mechanics lien will be a default under the terms of the Ground Lease; 2) requiring the developer or NSC to file a notice of non-responsibility; and 3) the developer must post 150 percent of the amount of the contract in bonds to protect the contractors and subcontractors and to protect the System from any mechanics lien claims. Throughout the Project Development Agreement, it is required that the plans, projects, designs, and concepts must come back to NSC for approval to allow for extensive participation in the design process. The project financing is non-recourse to the System meaning the System does not have any liability for the financing. Vice President Butler stated the role of the College in the public-private partnership is that NSC remains at an arm s length in the transaction. NSC will receive all the benefits that a residential project brings to a campus. NSC does need to be diligent in making sure the asset is properly designed, constructed and managed. The development partner will select a team in which it has the confidence to design, build, finance and maintain the asset. Vice President Butler stated NSC was approached to have a company grade-out three terraces at no cost to the College. At the time, NSC believed the property would be used for a parking lot and a drone port for the Nevada Institute of Autonomous Systems. In response to a question from Board Chairman Page, Counsel Wixom stated the grading is ongoing under a grading contract that was executed in December 2016 by NSC. It is a (BUSINESS, FINANCE & FACILITIES COMMITTEE 09/06/18) Ref. BFF-2a, Page 10 of 13

11 Business, Finance & Facilities Committee Minutes Page No Action Taken Student Housing Project NSC (Continued) trade-out contract for large areas, in which the contractor receives fill and gravel in return for the grading. First American Title Company as part of the financing was asked to issue a title policy that would operate in favor of the holders of the bonds. Part of the title policy for the deed of trust that would secure the bonds is that there not be any broken priority. First American Title Company approached the College asking for an indemnity from the College that would indemnify First American Title Company from any mechanics liens. After negotiation, they were willing to take a limited indemnity to indemnify First American Title Company for all the liability which is under the grading contract. Mr. Cam Walker, American Public Development, stated due to the location of the housing project being moved, the legal description was incorrect in the reference material. Mr. Walker also noted that a change was made that all land lease payments and all surplus will go to the College but the transaction itself with be through a public financing authority. American Campus Communities has been chosen as the operator. Ms. Tasha Bowles, American Campus Communities, stated American Campus Communities is the nation s largest developer, owner and operator of student housing. American Campus Communities currently has 206 communities on 96 campuses across the United States and Canada. Mr. Tony Traub, American Public Development, clarified that Mr. Walker had nothing to do with the selection or negotiations with the builder. 11. Approved Purchase of Real Property Located at 4646 Swenson Street, Las Vegas, Nevada UNLV The Committee recommended approval: 1) to purchase the Property located at 4646 Swenson Street, Las Vegas, Nevada (APN ); 2) that the Chancellor be authorized to finalize, approve, and execute a Purchase and Sale Agreement, and any other ancillary agreements required to implement the purchase of the Property, including but not limited to conveyances, easements, and rights of way; and 3) that all aforementioned agreements shall be reviewed and approved by the NSHE General Counsel in order to implement the terms and conditions required to finalize the Property purchase. (Ref. BFF-11 on file in the Board Office.) Regent Doubrava moved approval: 1) to purchase the Property located at 4646 Swenson Street, Las Vegas, Nevada (APN ); 2) that the Chancellor be authorized to finalize, approve, and execute a Purchase and Sale Agreement, and any other ancillary agreements required to implement the purchase of the Property, including but not limited to conveyances, easements, and rights of way; and 3) that all aforementioned agreements shall be reviewed and approved by the NSHE General Counsel in order to implement the terms and conditions required to finalize the Property purchase. Regent Del Carlo seconded. Motion carried. Regent Williams was absent. (BUSINESS, FINANCE & FACILITIES COMMITTEE 09/06/18) Ref. BFF-2a, Page 11 of 13

12 Business, Finance & Facilities Committee Minutes Page Approved Long-Term Agreement for the UNLV Center for Academic Enrichment and Outreach UNLV The Committee recommended approval to enter into a seven-year Lease for the Premises located at 1455 East Tropicana Avenue, Las Vegas, Nevada (APN ), which will be occupied by the UNLV Center for Academic Enrichment and Outreach and that the Chancellor be granted authority to execute the Lease, any amendments, and any ancillary documents deemed appropriate by the NSHE General Counsel to implement all terms and conditions associated with the agreement. (Ref. BFF- 12 on file in the Board Office.) Mr. Mike Lawrence, Executive Director for Administration, UNLV, stated there was an error in the fiscal impact calculation. The fiscal impact is $2.8 million. Vice Chair Stephens moved approval to enter into a seven-year Lease for the Premises located at 1455 East Tropicana Avenue, Las Vegas, Nevada (APN ), which will be occupied by the UNLV Center for Academic Enrichment and Outreach and that the Chancellor be granted authority to execute the Lease, any amendments, and any ancillary documents deemed appropriate by the NSHE General Counsel to implement all terms and conditions associated with the agreement. Regent Del Carlo seconded. Motion carried. Regent Williams was absent. 13. Approved Grant of Easement Located at 1325 East Flamingo Road, Las Vegas, Nevada UNLV The Committee recommended approval to enter into the Grant of Easement that will revise the location of an Existing Easement and that the Chancellor be granted authority to execute the agreement as described herein, in addition to any ancillary documents deemed appropriate by the NSHE General Counsel to implement all terms and conditions required to finalize the settlement. (Ref. BFF-13 on file in the Board Office.) Regent Del Carlo moved approval to enter into the Grant of Easement that will revise the location of an Existing Easement and that the Chancellor be granted authority to execute the agreement as described herein, in addition to any ancillary documents deemed appropriate by the NSHE General Counsel to implement all terms and conditions required to finalize the settlement. Regent Doubrava seconded. Motion carried. Regent Williams was absent. 14. Approved Long-Term Lease Agreement at the Harry Reid Research and Technology Park UNLV The Committee recommended approval of a twelve-year lease agreement with Gardner Nevada Tech Park Holdings, L.C. for property located at the Harry Reid Research and Technology Park, Las Vegas, Nevada (APN ) and that the Chancellor be granted authority to execute the Agreement, any amendments to the Agreement, and any ancillary documents deemed necessary and appropriate by the NSHE General Counsel to implement all terms and conditions associated with the lease. (Ref. BFF-14 on file in the Board Office.) (BUSINESS, FINANCE & FACILITIES COMMITTEE 09/06/18) Ref. BFF-2a, Page 12 of 13

13 Business, Finance & Facilities Committee Minutes Page Approved Long-Term Lease Agreement at the Harry Reid Research and Technology Park UNLV (Continued) Regent Doubrava moved approval of a twelve-year lease agreement with Gardner Nevada Tech Park Holdings, L.C. for property located at the Harry Reid Research and Technology Park, Las Vegas, Nevada (APN ) and that the Chancellor be granted authority to execute the Agreement, any amendments to the Agreement, and any ancillary documents deemed necessary and appropriate by the NSHE General Counsel to implement all terms and conditions associated with the lease. Regent Del Carlo seconded. Motion carried. Regent Williams was absent. 15. Information Only New Business Chair Hayes requested the Committee review Board Resolution 81-8 for potential amendment or permanent rescission. 16. Information Only Public Comment None. The meeting adjourned at 11:16 a.m. Prepared by: Submitted for approval by: Angela R. Palmer Special Assistant and Coordinator to the Board of Regents Dean J. Gould Chief of Staff and Special Counsel to the Board of Regents (BUSINESS, FINANCE & FACILITIES COMMITTEE 09/06/18) Ref. BFF-2a, Page 13 of 13