Uc Merced Project Agreement

Project financing includes a combination of yield bonds issued by the UC Board of Regents, development funds and UC Merced`s equity. The project will be the first in the UC system to set up a single private development team for a multi-year multi-storey project of this magnitude. Plenary Properties Merced (PPM) will not only design and build all new facilities as a single, accelerated project, but will also ensure that key building systems operate efficiently during the 39-year contract. During construction, the university makes predefined progress payments to the developer. As soon as the buildings are usable, the university will make performance-based “availability payments”, covering the remaining capital costs as well as the operation and maintenance of large real estate systems. From start to finish, the duration of the contract is 39 years. The Merced 2020 project is a kind of public-private partnership known as an “availability payment concession”, under which a single private development team designs, builds, operates and expects large real estate systems and partially finances the entire project under a single contract known as a “project agreement”. The project includes new educational institutions, research laboratories and faculty offices. By 2020, 1,700 new beds will be built for student housing, allowing UC Merced to grow from the current 6,000 students to more than 10,000. The project will be delivered in three phases with first delivery in summer 2018, Second Delivery in summer 2019 and Substantial Completion for summer 2020. The Financial Close took place on 16 August 2016. The results-based project is the first availability payment concession for higher education institutions awarded in the United States.

The groundbreaking took place on October 14, 2016. The project includes the overall development, including the planning, construction, financing, operation and maintenance of some or all elements of academic, administrative, research, leisure, student and student residences, utilities and infrastructure buildings; outdoor rest and open spaces; and the associated streets, parking lots and landscaping for UC Merced. The UC Merced 2020 project is a 1.2 million square foot campus expansion and rehabilitation project on the UC Merced campus in Merced, California, that will nearly double the physical capacity of the campus by 2020. The University of California, Merced Expansion Project is an innovative effort to improve student life and expand access to the university by adding a number of facilities to our campus. The following documents contain detailed background information developed during the key phases of the project. The university`s performance was established on the basis of a long-term global financial model. The model includes a combined estimate of design and construction costs as well as preventive life cycle costs. The project agreement contains trade and risk allocation provisions that reflect the following: to meet evolving needs over time, planning and construction approaches are flexible and highly adaptable and help the campus achieve long-term life cycle and sustainability goals. In January 2015, three teams were shortlisted to participate in the Tender Phase (RFP), which collected detailed proposals for the design and development of academic, administrative, leisure, leisure, housing and student services institutions, sufficient to accommodate 10,000 students by the 2020-2021 academic year. • Representation of owners, project/contract management and team management; In line with the university`s Sustainability Goals, all buildings will be a minimum of certified LEED gold….