Post by pavel on Jan 20, 2016 22:03:15 GMT -6
The University of Texas System will pay about $450 million over the next 30 years for 300 acres near the Texas Medical Center, a site where Chancellor William McRaven said he wants to "astound people with our boldness."
McRaven, facing opposition to the project from University of Houston officials and some lawmakers, on Wednesday told a legislative committee that the price, which includes debt service, is a good deal. In an email, a UT spokesman said the purchase price is "just over" $200 million.
"You're looking at undeveloped property 3.5 miles from the Texas Medical Center and we got it below market price," McRaven said.
UT's plans to expand in Houston, announced late last year, have alarmed University of Houston leaders and some state lawmakers. Some have called the move an "invasion" that could siphon research funding and faculty from the city's rising research school.
Read more: www.chron.com/local/education/campus-chronicles/article/UT-to-pay-450-million-over-30-years-for-Houston-6772197.php
McRaven, facing opposition to the project from University of Houston officials and some lawmakers, on Wednesday told a legislative committee that the price, which includes debt service, is a good deal. In an email, a UT spokesman said the purchase price is "just over" $200 million.
"You're looking at undeveloped property 3.5 miles from the Texas Medical Center and we got it below market price," McRaven said.
UT's plans to expand in Houston, announced late last year, have alarmed University of Houston leaders and some state lawmakers. Some have called the move an "invasion" that could siphon research funding and faculty from the city's rising research school.
Read more: www.chron.com/local/education/campus-chronicles/article/UT-to-pay-450-million-over-30-years-for-Houston-6772197.php