University of Louisville to create new foundation for real estat - WDRB 41 Louisville News

University of Louisville to create new foundation for real estate

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215 Central Ave., one of the U of L Foundation's many properties 215 Central Ave., one of the U of L Foundation's many properties
LOUISVILLE, Ky. (WDRB) -- The University of Louisville Foundation has amassed so much real estate that it plans to create a separate nonprofit called the University of Louisville Real Estate Foundation to hold and manage the properties.

About $32 million of real estate will be transferred from the foundation to the new entity, Jason Tomlinson, the U of L Foundation's  assistant treasurer, told foundation board members at a meeting Friday.

One example is the property along I-65 where crews are removing about two dozen old grain silos.

But not all of the real estate owned by the foundation will be transferred to the new entity.

The new 8-story Nucleus research and office building at Market and Floyd streets, for example, will remain a foundation asset so as not to jeopardize the federal New Market Tax Credits that helped finance the building – at least until the credits are exhausted in seven years, Tomlinson said.

Tomlinson said it hasn't been decided whether the Shelbyhurst office buildings on Hurstbourne Parkway, in which the foundation has joint interest with private developer NTS Realty, will be transferred.

He could not say off hand exactly how much real estate the foundation owns.

Officials said the new real estate foundation, like the bigger umbrella foundation, will be structured solely to benefit U of L.

“All of the assets, all of the income…would simply flow to benefit the university,” David Saffer, the foundation's lawyer, told the foundation's finance committee Friday.

The finance committee approved creating the new foundation on Friday morning, with the full foundation board expected to sign off on the proposal Friday afternoon.       

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