Sanford Burnham Prebys site transfer to UCF. August 20, 2018

Transcription

1 Sanford Burnham Prebys site transfer to UCF August 20, 2018

2 Overview

3 Overview Sanford Burnham Prebys Medical Discovery Institute (SBP) is a nonprofit institution, focused on conducting research in cancer, neuroscience, immunity and disorders of metabolism. In 2006, SBP, announced plans to establish an east-coast headquarters in Orlando at Lake Nona Medical City. The State of Florida, Orange County, the City of Orlando and Tavistock partnered to support to SBP s location to Orlando: State of Florida: $155M (operations) City of Orlando: $32.7M (building) Orange County: $40.7M (building) Tavistock: $ 22 M (land/operation)

4 Overview Since the SBP s opening, researchers at its Orlando campus have produced more than 425 research publications and brought in grants and contracts worth more than $125 million.

5 H E A L T H W E L L N E S S P E R F O R M A N C E W E L L B E I N G

6 Marking a new chapter in Florida s history, Medical City represents a deliberate strategy to create a centralized focus on sophisticated medical treatment, research, and education in Orlando. In just 10 years, Medical City has become home to some of the nation s top hospitals, universities, research institutions and health and biomedical companies. Medical City s health and life sciences anchor tenants, include: University of Central Florida s Health Sciences Campus Sanford Burnham Prebys Medical Discovery Institute Orlando Veterans Affairs Medical Center & SimLearn Center Nemours Children s Hospital University of Florida Research & Academic Center GuideWell Innovation Center UCF/HCA Adult Teaching Hospital (2020) Overview MEDICAL CITY

7 University of Florida Research & Academic Center Sanford Burnham Prebys Medical Discovery Institute University of Central Florida College of Medicine University of Central Florida Health Sciences Campus LEADING HEALTHCARE INSTITUTIONS Nemours Foundation & Children s Hospital Orlando VA Medical Center & SimLearn Center UCF/HCA Teaching Hospital GuideWell Innovation Center

8 Transfer of Site

9 Transfer of Site OVERVIEW In 2016, Sanford Burnham Prebys announced intent to locate entire operation to La Jolla, CA. Orange County BCC heard proposals from Florida Hospital and UCF for reuse of the Sanford Burnham Prebys site and chose to move forward with UCF. The funding parties, Orange County, City of Orlando and Tavistock share the common goal to enhance economic development and impact in the region through high wage jobs that will participate in research, education, and clinical care; to create new opportunities for collaboration; and to expand biomedical research at the Building and the UCF College of Medicine at Lake Nona.

10 Transfer of Site OVERVIEW UCF will locate the UCF Comprehensive Cancer Research and Treatment Center to the site. This will include a partnership of UCF Academic Health, Inc., Provision Healthcare, Sarah Cannon Research Institute/HCA, and Alter+Care Through the transfer of the site to UCF, the funding parties will receive $50M for the site to be distributed proportionately among the three funding parties. The City will receive approximately $17M.

11 Transfer of Site AGREEMENTS 1. Termination and Release Agreement 2. Limited Joinder to Transfer Agreement 3. Amended and Restated Funding Parties Agreement 4. Termination of Memorandum of Funding Parties Agreement 5. Termination and Release of Primary Leasehold Mortgage and Security Agreement

12 Transfer of Site AGREEMENTS 1. Termination and Release Agreement: Between SBP and the three funding parties. It is a release and termination of all of the documents related to the funding, land donation, construction, and operation of the SBP research facility at Lake Nona.

13 Transfer of Site AGREEMENTS 2. Limited Joinder to Transfer Agreement: The Transfer Agreement is between Orange County and UCF, and provides for the transfer of the real property and improvements, including the research facility, from the County to UCF. Lake Nona and the City, as the other two Funding Parties, will sign a limited joinder to this agreement, whereby they consent to the County entering into the Agreement and agree to be bound by any terms of the Agreement pertaining to them.

14 Transfer of Site AGREEMENTS 3. Amended and Restated Funding Parties Agreement: Amends the existing Funding Parties Agreement that applied to SBP by removing all provisions applicable to SBP Provides for the County s transfer of the real property and facility to UCF, and sets forth the specific proportionate share of each of the Funding Parties based on their final contribution to SBP as follows: County 43.19% City 34.7% Lake Nona 22.11% Each party will receive the above percentage of the payments from UCF for the property.

15 4. Termination of Memorandum of Funding Parties Agreement: Transfer of Site AGREEMENTS To be signed by the Funding Parties and recorded in the public records. A Memorandum of Funding Parties Agreement was recorded in the public records to provide constructive notice of the Funding Parties Agreement (and the rights and obligations of the Funding Parties with respect to the funding, design, construction, operation, and lease of the research facility). Since we are amending and restating the Funding Parties Agreement the Memorandum needs to be terminated.

16 Transfer of Site AGREEMENTS 5. Termination and Release of Primary Leasehold Mortgage and Security Agreement: To be signed by the Funding Parties and recorded in the public records to terminate and release the existing Sanford Burnham mortgage. The mortgage was originally recorded in 2007 as security for Burnham s performance of its obligations under the grant agreement and ground lease related to the research facility.

17 Orlando City Council- August 20, 2018 Orange County BCC- August 21, 2018 UCF Board of Trustees- August 21, 2018 SBP Board of Directors August 24, 2018 Transfer of Site TIMELINE Closing on the transaction on or before September 1, UCF takes possession of Building by September 15, SBP will remain in the Building through November 30, 2018 pursuant to a lease with UCF. UCF begins conducting research in Building by March 1, 2019.

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