UCSC under contract to acquire Texas Instruments property

The University of California, Santa Cruz announced today (January 27) its intent to purchase the land and facilities formerly occupied by Texas Instruments. Located on Delaware Avenue, the property is currently in escrow. It is anticipated that the transaction will be completed within the next 90 days.

Research and Administrative Functions Are Potential Uses for Eighteen-acre Site
"This is a unique and very desirable opportunity for our campus, since acquisition of such an outstanding property supports both our immediate and long-term goals," noted Chancellor M.R.C. Greenwood. "Tom Vani and his team have done a great service in advancing our campus priorities." Business and Administrative Services Vice Chancellor Vani led the negotiations to acquire the property.

Among the advantages cited for the property is its proximity to the various research facilities at Long Marine Laboratory and vicinity. Formerly used by Texas Instruments as a semiconductor wafer fabrication plant, the facilities include a total of approximately 242,000 gross (154,000 net) square feet, including a large "clean room," a specially designed computer area, extensive space that could be used for classrooms, laboratories, and offices, plus ample parking.

"We have a tremendous demand for space on campus," said Campus Provost and Executive Vice Chancellor Martin M. Chemers. "Although we don't yet have detailed plans for this facility, it is clear that there is great potential for a range of uses, and we are developing a process for allocating this potential new space for highest priority needs."

The potential for partnerships between UC Santa Cruz and the City of Santa Cruz is another desirable feature of the property. Mayor Scott Kennedy stated, "We are pleased that Chancellor Greenwood has committed the University to work with us toward the goal of a "net win" for both the City and the University. Although UCSC's purchase of the Texas Instruments property results in direct loss, both immediately and on an ongoing basis, of the City's second largest property tax payer, UCSC and the City have agreed to an active partnership aimed at generating direct tax-revenue producing benefits for the City over the long term."

Although the terms are undisclosed, the purchase price is significantly less than the appraised value. "Texas Instruments has a long history of support for education, and this offer is another example of that commitment," Greenwood said. "We greatly appreciate the public spiritedness of TI in creating the generous terms of this contract."

Texas Instruments acquired the site in 1996, when it purchased Silicon Systems Incorporated (SSi).