Research Park

[Texas Tech University]

For those with a Research Park, how is it structured?  Is it operated as a separate 501(c)(3) entity or operated by the institution?  If operated as a separate 501(c)(3), does the institution carry any debt financing on the institution and  how is that funding provided for debt service payments?

[krist...@gmail.com]

Iowa State University


The ISU Research Park Corporation was established in 1987 as a not-for-profit, independent, corporation operating under a Board of Directors appointed by Iowa State University and the ISU Foundation. The corporation manages both the Research Park and incubator programs. The ISU Research Park is a 400+ acre development with over 501,521 square feet of building space. Debt service is provided through rental income.

ISU Research Park tenants are privilege to a number of unique cost savings and financial assistance opportunities. When the difference between a start-up barely staying afloat and achieving long-lasting sustainability can come down to a few thousand dollars early on, you can see what a critical role ISU Research Park can play for companies with limited capital.
Federal, state, municipal and private investor funding. ISU Research Park has grant-writing experts who can help you locate and secure government financial assistance, if available.

Tax exemptions. ISU Research Park’s status as a 501(c)3 not-for-profit organization means parcel owners within the Park may file for tax-exempt status and forego property taxes if they can meet the research facility requirements.

The University does not secure any financing nor carry any debt for the Research Park.

[kathy.kam...@gmail.com]

Oklahoma State University

We do have a Research Park. Until the beginning of this fiscal year, we had an Interlocal Cooperative Agreement with the Research Park Board. The Board was represented by the City of Stillwater, the local Career Technology Center and OSU. We dissolved the Interlocal Cooperative Agreement on July 1, 2014 and now have a Management and Fiscal Agent Agreement with a separate 501(c)(3) (OSU is the single member of this corporation).

OSU does carry debt on the Research Park. In the Management and Fiscal Agent Agreement, the 501(c)(3) collects all of rents, with the exception of the one building on which there is debt. The debt service is provided for first and the remaining rent goes to the 501(c)(3) for maintenance, etc. The university is the main tenant of the building, so we transfer the debt service portion of the rent to the OSU account to make the debt service payment and the remaining is transferred to the 501(c)(3).

The 501(c)(3) is responsible for all other expenses associated with the Research Park.

[fwillbrant]

Kansas State University:

KSU's 25-acre research park is owned by the KSU Foundation, which leases land to tenants with cooperative relationships with the university.

Two research entities that are separate 501c3's are located at the Research Park:

Institute fro Commercialization

KSU Research Foundation

KSU does not carry any debt financing in in association with these entities.

Within the Research Park, there are additional activities.  KSU owns one of the buildings in which the College of Human Ecology operates programs.  Additionally, an office is within the research park for the Global Food Systems, which is a program that is managed by Kansas State University.

The KSU Foundation also leases a building that is on the site to a state agency.  The State of Kansas Department of Agriculture's leases a building.