UM Regents Approve Purchase of MITC Assets

At their July 15, 2010 meeting, University of Michigan regents approved a $1.25 million purchase of assets from the Michigan Information Technology Center Foundation (MITC), located in the South State Commons on Oakbrook Drive. According to a cover memo, the sale is through a voluntary turnover foreclosure. Tim Slottow, UM’s CFO, told regents that MITC “is not succeeding in their mission.” UM is already a tenant in South State Commons, and will be expanding its operations and data center there. Regents also approved a total $1.9 million project, which includes the $1.25 million MITC data center purchase plus $650,000 in facility improvements. Regent Katherine White recused herself from the votes.

A detailed report of the July 15 meeting will follow: [link]