Steps in the Approval Process
University staff determines type of project, financial resources, financing alternatives and timelines, for example, the design and development of student apartments. Steps in the approval and submittal process for the three financing alternatives are as follows:
University staff submits proposed project to the Board for initial approval authorizing the University to proceed with the alternative financed process to develop the subject project. Preliminary submittals for approval shall include
- A general description of the project scope and budget
- Source of funds
- Development concept
- Proposed financing structure
The university releases ITB/RFQ/RFP. receives and evaluates proposals, and selects successful proposer to recommend to the Board for final approval prior to the issuance of the contract. The ITB/RFQ and/or RFP shall be reviewed by legal counsel and approved by Board staff.
System and University staff, legal counsel, the consultant team and successful proposer draft and/or review all necessary documents, as appropriate, throughout the execution of the project. This may include, but is not limited to the review and comments on the
- Ground lease
- Facility lease
- Business plan
- Bond resolutions
- Bond purchase agreements
- Preliminary official statements
- Loan agreements
- Tax regulatory & arbitrage agreements
- Final official statements
University submits request to the Board of Supervisors for final approval. Submittal shall include:
- Project scope
- Financing choices
- Business plan
- Project budget
- Ground lease agreement
- Facilities lease with option to purchase (where applicable)
- Documentation of the selection process for Bond Counsel and other professional services
- Agreement with the non-profit corporation on the adoption (re: LA.R.S. 17:3361)
- Request to solicit approval from the Bond Commission (if applicable)
- Any other documentation requiring signatures of System staff or Board officials
If Bond Counsel has been chosen pursuant to a competitive process, and if selection was prior to approval of the Board, that information shall also be provided.
System staff (on behalf of the university) submits request to the Board of Regents for final approval of the project scope, budget, business plan and other related documents.
System staff (on behalf of the university) submits request and appropriate documentation noted above to the Division of Administration in accordance with Act 329 of 2005 for review, approval and directive to submit the appropriate documentation to the Joint Legislative Committee on the Budget.