Project funding includes a combination of yield bonds issued by uc Board of Regents, development funds and UC Merced equity. During construction, the university will make predetermined advance payments to the developer. As soon as the buildings are made available, the university will provide “availability payments” based on their performance, covering the remaining capital costs, as well as the operation and maintenance of large building systems. From start to finish, the duration of the agreement is 39 years. The project includes new educational institutions, research laboratories and faculty offices. By 2020, a total of 1,700 new beds will be built for student housing to extend UC Merced to more than 10,000 students, up from 6,000 currently. The project will be delivered in three phases with First Delivery in the summer of 2018, Second Delivery in the summer of 2019 and Substantial Completion for the summer of 2020. The project includes comprehensive development, including planning, construction, funding, operation and maintenance of some or all elements of academic, administrative, research, recreation, student residence and student services buildings, utilities and infrastructure. Outdoor recreation and open spaces; and related roads, car parks and landscaping for UC Merced.
The UC Merced 2020 Project is a 1.2 million square foot campus expansion and renovation project on the UC Merced campus in Merced, California, which will nearly double the physical capacity of the campus by 2020. The Merced 2020 project is a kind of public-private partnership known as the “availability concession” in which a single private development team designs, builds, operates and manages large building systems and partially funds the entire project under a single contract known as the “project agreement.” The university`s ability to afford the project was determined on the basis of a long-term global financial model. The model includes a combined estimate of construction and construction costs as well as maintenance costs for the preventative life cycle. The project will be the first in the UC system to use a single private development team for a multi-year multi-building project of this magnitude. In addition to designing and building all new facilities as a fast and fast project, Merced (PPM) will ensure that large building systems operate efficiently during the 39-year contract. The financial accounts were completed on August 16, 2016. The performance-based project is the first higher education concession concession project to be awarded to the United States. The pick was given on October 14, 2016. The University of California Expansion Project, Merced, is an innovative project to improve student life and expand access to the university by adding a number of facilities to our campus. The following documents contain detailed background information that was developed during the significant phase of the project.
The PSR was released in early 2016 for the three shortlisted teams and proposals were received in spring 2016.