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The final University of Michigan Board of Regents meeting of winter semester will take place this Thursday in the Michigan Union. As the semester comes to a close, the regents plan to discuss several project developments and investments including entrepreneurial seed funding, building renovations, real estate investment and the upcoming 2016 International Champions Cup soccer tournament.
International Champions Cup Soccer Liquor License
At Thursday’s meeting, the regents will vote to approve an application for a Class C License and Catering Permit by Sodexo Management Inc. for the 2016 International Champions Cup soccer tournament scheduled for July 30, according to the action request. European soccer teams Real Madrid and Chelsea FC are set to face off at Michigan Stadium. The 2014 match held there between Real Madrid and Manchester United set the national record for attendance at a soccer game.
Relevent Sports — a division of RSE Ventures, a multi-national sports and entertainment venture firm with a focus on new technologies — has already received the proper licensing to host a game of the ICC Tournament at Michigan Stadium. However, the company is still in the process of securing a liquor license for the event. The regents will vote to approve this application on Thursday allowing Relevent Sports to move forward in obtaining the license.
The Michigan Liquor Control Commission is legally responsible for issuing such a license for the sale of alcohol. Similar requests have been granted in 2014 for hockey and football tournaments — the Winter Classic and the International Champions Cup, respectively.
Monroe-Brown Seed Fund
The regents will also vote this Thursday to approve the Monroe-Brown Seed Fund and the corresponding guidelines created by the Medical School’s Fast Forward Medical Innovation program and the College of Engineering’s Center for Entrepreneurship.
The Fund aims to invest seed capital in University biomedical start-ups to support research and technology on campus. According to the action request, the M-B Seed Fund will initially receive $3 million from the Monroe-Brown Family Foundation, and collaborators intend to increase the fund to $40 million through other gifts as well.
These technologies fall into several categories such as therapeutics, devices, diagnostics, health IT and digital health. Therapeutics and device technology-oriented projects are expected to receive greater maximum investment amounts of approximately $250,000 and $200,000, respectively.
“This program supports U-M’s leadership position in biomedical research and technology and benefits the broader local entrepreneurial ecosystem by providing incentives to attract and retain world-class research talent,” the proposal reads.
An M-B Seed Fund Program Manager, working under the managing director of FFMI and the executive director of the CFE, will manage the fund and receive input and recommendations from an Investment Advisory Board. Applications for seed funding will be reviewed on a rolling basis throughout the year by a Deal Flow Council.
Real Estate Purchases and Renovations
An action request to approve the Michigan Union Exterior Masonry Repairs project — estimated to cost $1,400,000 — will be voted on at the regents meeting, according to the proposal. The project includes brick and stone repair as well as the installation of new steel lintels for structural support and flashings to prevent water penetration.
Student Life resources will provide funding for the project, and construction will be completed in fall 2016.
The regents also plan to vote on the $7,800,000 North Quadrangle Residential and Academic Complex Residential Wing Roof Repairs project. The focus will be on the replacement of 30,000-square-feet of roofing on the residential wing of North Quad.
Last April, the regents approved repairs to roofing on the south academic wing and agreed to revisit the decision to replace the residential north wing if it were deemed to be in poor condition in the future. Further evaluation of the area lead to recommendations for the replacement of the residential wing’s roofing, which will take place this summer.
The project is slated for completion by fall 2016. In addition to discussing building renovations on campus, the regents will also make decisions pertaining to new real estate investments.
The University currently leases the Brighton Health Center East Building to house the Health System’s ophthalmology services. An action request will be considered at Thursday’s meeting, which recommends the University purchase the property — located at 5728 Whitmore Lake Road in Brighton, Livingston County, Michigan. University of Michigan Health System Clinical Enterprise Resources will provide the $725,000 needed for the acquisition.
The goal is to expand the University Hospitals and Health Centers’ “ambulatory care strategy in the Livingston County I-96 area” and to “ensure an increased presence as a comprehensive provider in that local market,” according to the action request.
The location is comprised of a 6,210-square-floor medical office building on a 1.17-acre plot of land, according to the proposal. The closing date of the purchase is likely to be April 27.