UNTHSC SIGNS AGREEMENT TO PURCHASE FORMER OMCT PROPERTY

February 7, 2005

Today at 9 a.m., the University of North Texas Health Science Center signed an agreement to purchase the campus of the former Osteopathic Medical Center of Texas property.

The property was purchased by Robert Patton Tuesday at a foreclosure auction. Ronald Blanck, DO, president of the health science center, began negotiations with Patton shortly after the purchase. Negotiations continued through today.

The agreement reached today stipulates that the health science center will close on the property prior to or on April 1.

The health science center could not purchase the property at auction because the foreclosure process does not meet various state requirements for property purchase. The state requires that a property purchased by a state entity include a title policy, survey and other similar items as a safeguard to protect taxpayer money. At a foreclosure sale, properties are purchased as is.

â??Weâ??re very happy to work with Mr. Patton, whose appreciation of the health science center allowed us to purchase the former OMCT property for less than other offers that he had received,â? Dr. Blanck said.

Dr. Blanck was given authorization to negotiate for the purchase of the former OMCT property by the UNT System Board of Regents Jan. 21 during a telephone meeting.

The Texas Higher Education Coordinating Board then authorized Dr. Blanck to enter into negotiations for the property at its regularly scheduled meeting Jan. 27.

Before any plans for the property can be made, the health science center will commission a master plan.

Other properties purchased by the health science center in the agreement include a clinic on University Drive, which currently houses the health science centerâ??s pediatrics clinic, and two properties near the main OMCT campus.

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Contact: Kay Colley 817-735-2553, cell 817-980-5090, e-mail kacolley@hsc.unt.edu.

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