The University Research Park and the University of Wisconsin Board of Regents announced a relationship in which the university will sell parcels of land to URP for development and improvement in support of UW’s mission.

This agreement will employ the university’s real estate resources to advance its academic and research projects, supporting UW’s public academic and research missions.

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Interim Vice Chancellor for Finance and Administration Rob Cramer said in the press release the program will not only broaden the impact the university has on the Madison community, but it will also enhance the continuing financial well-being of the university.

The arrangement with the URP will promote economic growth, modernization, as well as bring about additional opportunities for local businesses.

In a statement to the University of Wisconsin, Cramer said this new program would transform UW’s agricultural field.

“We have a valuable partner in University Research Park, with a track record of working with the university, private developers and businesses for over 30 years to transform former UW-Madison agricultural lands into a thriving innovation of west campus,” Cramer said. “We are building upon that success as we evaluate other assets that can better support our teaching, research and outreach missions.”

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Though the private sector URP will be offering research and consultations, the university will remain in hold of principal jurisdiction over their property land use.

All projects with the URP will coincide with the plans of the UW campus and UW Systems. The City of Madison, campus shared governance groups and Dane County have also made an effort to take part in this project.

Despite the project’s transformation of UW-Madison lands, the project will carefully consider and respect the Ho-Chunk land UW resides on, according to UW.