The University of California, Santa Cruz announced today (September 27) the closure of escrow to purchase the land and facilities formerly occupied by Texas Instruments. All paperwork was finalized on September 24. The site is located at 2300 Delaware Avenue in Santa Cruz.
"This is a unique and very desirable opportunity for our campus," stated Acting Chancellor Martin M. Chemers. "Vice Chancellor Tom Vani and his team have facilitated the acquisition, and they deserve enormous credit for this major addition to campus resources."
Near the array of research operations at Long Marine Laboratory and vicinity, the facilities may serve to consolidate current off-campus leases used for administrative fucntions and to house research and teaching activities. Plans for use of the property are still being finalized.
"Although we don't yet have detailed plans for this facility," Chemers noted, "it is clear that there is great potential for a range of uses, and we are finalizing a process for allocating this new space to highest priority needs."
The purchase price of the property and its contents is $5 million, constituting a bargain sale. The difference between the appraised value of the property ($11.5 million) and the purchase price represents a $6.5 million charitable contribution. Additional gift value will be attributed to the contents of the property at a later date. "This generous gift provides a significant boost to private support and underscores TI's history as a benefactor of education," noted University Relations Vice Chancellor Ronald P. Suduiko.
The 18.5-acre site encompasses a total of approximately 232,000 gross (136,000 net) square feet of facilities, including a large "clean room," a specially designed computer area, extensive space that could be used for classrooms, laboratories, and offices, plus ample parking.
Besides providing needed space, the site offers the potential of a new campus and community partnership. University and City of Santa Cruz officials are discussing the feasibility of locating a business incubator or some other enterprise at the location.
