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Steps in the Approval Process

University staff determines type of project, financial resources, financing alternatives and timelines, for example, the design and development of student apartments. Steps in the approval and submittal process for the three financing alternatives are as follows:

STEP ONE
University staff submits proposed project to the Board for initial approval authorizing the University to proceed with the alternative financed process to develop the subject project. Preliminary submittals for approval shall include

STEP TWO
The university releases ITB/RFQ/RFP. receives and evaluates proposals, and selects successful proposer to recommend to the Board for final approval prior to the issuance of the contract. The ITB/RFQ and/or RFP shall be reviewed by legal counsel and approved by Board staff.

STEP THREE
System and University staff, legal counsel, the consultant team and successful proposer draft and/or review all necessary documents, as appropriate, throughout the execution of the project. This may include, but is not limited to the review and comments on the

STEP FOUR
University submits request to the Board of Supervisors for final approval. Submittal shall include:

If Bond Counsel has been chosen pursuant to a competitive process, and if selection was prior to approval of the Board, that information shall also be provided.

STEP FIVE
System staff (on behalf of the university) submits request to the Board of Regents for final approval of the project scope, budget, business plan and other related documents.

STEP SIX

System staff (on behalf of the university) submits request and appropriate documentation noted above to the Division of Administration in accordance with Act 329 of 2005 for review, approval and directive to submit the appropriate documentation to the Joint Legislative Committee on the Budget.


 

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