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182 > Image 182 of Minutes of the University of Kentucky Board of Trustees, 2012-02-21

Part of Minutes of the University of Kentucky Board of Trustees

EdR Financial requirements: 0 EdR shall not mortgage, pledge, or encumber the facilities or property 0 Allocate $260 per bed per year for Replacement Reserve, allocation to increase over time by an amount sufficient to ensure the facilities are maintained in a first class manner 0 Provide the University $639 per bed per year for Resident Life, rate may increase annually by the greater of: 3% or Universitys salary increase pool However, annual rate increase may not exceed the percentage increase in rental rates Financial return: 0 Education Realty Trust 4% management fee based on gross revenues, reduced to 2% upon execution of contract to construct 2,500 beds (including 60l beds for this proj ect) or manage university-owned housing Minimum 9% intemal rate of retum (IRR) 0 University of Kentucky l0% of gross revenues, increased by 2 points to l2% upon execution of contract for EdR to construct at least 2,500 beds (including 60l beds for this project) or manage university-owned housing 25% of net income in each year in which EdR achieves 9% IRR Rights, Risk and Other Requirements: 0 EdR assumes construction and operating risks 0 EdR must comply with Universitys existing vendor contracts 0 University may audit EdRs financial records 0 EdR shall pay prevailing hourly rates for the construction 0 Dispute resolution shall proceed as follows: Good faith negotiation Private mediation Legal action 0 University retains all naming rights Responsibilities: 0 EdR responsible for maintenance, operation, and taxes related to the facilities, except lawn care and snow removal 0 EdR responsible for insuring premises at replacement value 0 University responsible for Residence Life Programming including the hiring of residence advisors and resident hall director