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The University of Arizona Science and Technology Park (UA Tech Park) and Arizona Bioscience Park (UA Bio Park) are owned by the Arizona Board of Regents (ABOR) on behalf of the University of Arizona (UA). The operation and development of the parks, along with the Arizona Center for Innovation (AzCI), is directed by the UA Associate Vice President for University Research Parks through the UA Office of University Research Parks (OURP).
The development, operation, marketing, and leasing of the parks is managed through the Campus Research Corporation (CRC), an Arizona 501c3 non-profit corporation. CRC operates the park through a series of master leases with the Arizona Board of Regents. CRC is governed by an eleven-member board of directors. Three members of the board are appointed annually by the President of the University of Arizona. Two members are appointed annually by the Chair of the Arizona Board of Regents. Six members are selected by the board and serve three-year terms. CRC meets quarterly.
All major decisions require the approval of the CRC Board of Directors and the written consent of the President of the University of Arizona. New leases in excess of 25,000 square feet, lease renewals in excess of 50,000 square feet, and all ground leases require the review of the Capital Committee of the Arizona Board of Regents.
The Tech Park and Bio Park are not subject to local government development review. Both parks operate under master land use plans approved by the Arizona Board of Regents. In addition, development within the parks must conform to formal Design and Development Guidelines. All plans for development or construction within the parks are subject to review by the Design Review Committee (DRC) and approval by the Associate Vice President for University Research Parks.
The University was assisted in the acquisition of the UA Tech Park by the Arizona Research Park Authority (ARPA). ARPA was created by the Arizona Board of Regents. It has a three-member board of directors appointed by ABOR. ARPA has authority to issues bonds and incur debt on behalf of university research parks. ARPA sold bonds that allowed the University to purchase the UA Tech Parks. The bonds, which will be retired in 2014, are financed through lease payments from IBM. ARPA meets twice annually.
Portions of the UA Tech Park are designated formally as “research park” under provisions of Arizona law. The research park is subject to certain limitations as to use. Unlimited manufacturing is prohibited. There are also special tax advantages for companies who construct facilities and title them to the University.
A portion of the UA Tech Park, 340 acres originally developed by IBM, is designated as the Project. The Project is governed by the Project Operation Agreement (POA), a special set of development and operations covenants and restrictions. Common areas within the Project, including the central utility plant, are operated by a managing operator. The areas of the Tech Park outside the Project are not subject to the POA.
The Arizona Center for Innovation (AzCI) is a subsidiary entity of the Campus Research Corporation. It is governed by the CRC board of directors. AzCI has a 25-member advisory board composed of experienced entrepreneurs, economic development professionals and local investors. The advisory board provides guidance in programming, operations, and fundraising, and reviews AzCI’s annual performance.