Utah System of Higher Education
Wednesday, May 4, 2022
COMMITTEE OF THE WHOLE
Board Members Present
Aaron Osmond, Vice-Chair
Nina R. Barnes, Vice-Chair
Lisa Michele Church
Arthur E. Newell
Office of the Commissioner
Dave R. Woolstenhulme, Commissioner of Higher Education
Geoffrey Landward, Deputy Commissioner and General Counsel
Brynn Fronk, Executive Assistant to the Utah Board of Higher Education
Juliette Tennert, Chief Financial Officer
Cathy Anderson, Chief Financial Officer, University of Utah
Phyllis Vetter, General Counsel, University of Utah
Committee of the Whole
Vice-Chair Osmond called the meeting to order at 7:30 a.m.
Ivory University House Lease for the University of Utah
Juliette Tennert framed the Lease Agreement for the Ivory University House project with the Board
members. Commissioner Woolstenhulme explained that Board Policy R120 allows the Executive
Committee to conduct business requiring the Board’s action during the interim period between Board
meetings. At the request of the University of Utah, on account of timing considerations, the project is
being brought before the Executive Committee to review and approve and report back to the full Board
at the May meeting.
Cathy Anderson reviewed the project with the Board members. The Ivory University House is a new
student housing community with 552 single-occupancy studio units. The 4-year agreement states that in
the event there are 80 unoccupied units on August 1 of each year, the University will lease 40 units for
the lease-year starting on the first day of the fall semester at the current rental rate. Based on current
rent estimates, the maximum annual obligation is about $660,000. The University anticipates that any
obligation will be funded through the rent paid by students, faculty, and staff who occupy the units; in
the unlikely event that any University-assigned units remain unoccupied, the school will use non-state
appropriated funds for payment.
Vice-Chair Osmond asked why they need a guarantee and if it is a nonprofit scenario. Cathy
acknowledged that part of this agreement is to show support to the projects, and she also explained that
any excess funds would go towards a scholarship at the University. She also stated that Ivory Homes
would not generate a profit off the project. Board members asked how the project would affect
historically underrepresented students. Cathy answered that they could not dictate that, but it will be
offered to any student on campus as long as they abide by the restrictions. Vice-Chair Osmond asked for
a copy of the financial agreement as part of the approval process. Geoff Landward spoke about the
structure of the Ivory Foundation and that it is indeed a nonprofit. Board member Clyde stated that the
agreement is not for scholarship purposes but the housing demand. He felt strongly that we would be
able to fill the 40 beds for four years. The project felt like a low risk to Board member Arthur Newell.
Board member Clyde moved to approve the University of Utah entering into this
agreement with this housing project. Board member Shawn Newell seconded the motion
and the motion passed.
Vice-Chair Barnes made a motion to adjourn. Board member Shawn Newell seconded the
motion and the motion passed.
The meeting adjourned at 7:45 a.m.
Date Approved: May 20, 2022