University of Michigan sells 18 acres to KLA-Tencor for $26.7 million
The University of Michigan will sell 17.8 acres of land in the Ann Arbor Technology Park to KLA-Tencor for $26.7 million.
The sale was approved by UM’s Board of Regents on Thursday, Dec. 6. The land is located west of Dixboro Road and south of Goss Road in Ann Arbor Township.
KLA-Tencor expressed interest in developing a research and development center near UM that would allow it to strengthen its long-term relationship, including collaborative research, with the university.
The purchase agreement will include a right of first opportunity for the university to reacquire the property, should KLA-Tencor decide to sell the property in the future.
“The university has periodically sold parcels in the tech park to companies with missions consistent with that of the university’s surrounding communities in the state of Michigan,” UM Chief Financial Officer Kevin Hegarty said. “We believe the price is fair and recognizes both the fair market value of the land as well as KLA-Tencor’s serious commitment to establishing a strong relationship with the university and surrounding communities.”
Hegarty noted KLA-Tencor’s purchase of the property would result in the addition of between 300 to 500 new jobs to the area.
“I must say that having worked with representatives of KLA-Tencor throughout the process, all of us involved found the executive team and the corporate ethos to be a wonderful fit and a strong addition to our university and the community,” Hegarty said.
KLA-Tencor announced it was establishing a research and development facility in Ann Arbor in October, which was expected to result in an investment of $70 million.
KLA-Tencor is a global capital equipment company based in Milpitas, California, that supplies process control and yield management systems for the semiconductor and related nanoelectronics industries.
Support from Ann Arbor SPARK, the Michigan Economic Development Corporation and University of Michigan encouraged KLA-Tencor to open its new office in Ann Arbor, said Phil Santer, senior vice president and chief of staff for Ann Arbor SPARK.
KLA-Tencor will temporarily occupy existing office space in Ann Arbor while constructing its new research and development facility.
Posted By: MLIVE on December 6, 2018. For more information, please click here to read the source article.
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