The University of Minnesota has big plans for UMore Park -- now 5,000 acres of largely open land in Rosemount and Empire Township. On Friday, the board of regents will decide whether to create a limited liability company to handle those plans.
It will consider two resolutions: One would organize a UMore Development LLC; the second would create a legacy fund to manage any revenue from the development and mining of the land.
Under the plan, the university would be the company's sole member. A nine-person board of governors would direct its business, while a chief manager would oversee day-to-day operations. The regents would appoint the board, while the chief manager would be a paid university employee.
The university has owned the land since the 1940s. In 2006, the regents passed a resolution to prepare plans for its development. University officials envision a master-planned, environmentally friendly and education-rich community there. They also have discussed mining 1,711 acres for gravel.
Should the regents approve it Friday, the company's legacy fund would be "used for the long-term support of special university academic research, education and public engagement opportunities not otherwise adequately funded by tuition or state, federal or other resources as determined by the president of the university," according to the resolution.