The University Corporation

ITEM #1 APPROVAL OF SEPTEMBER 9, 2002 MEETING MINUTES
The minutes were approved.

ITEM #2 2003/2004 BUDGET

The budget assumes a 2.5% return on investments, the start of the parcel 4 lease, and the start of rent credits to Medtronic/MiniMed as payback for the infrastructure expenses incurred in the development of parcels 1, 2 and 3. Demolition of the storage building, including asbestos abatement, is expected to cost $50,000. The engagement of consultants is anticipated, primarily to conduct studies relating to the inclusion of the North Campus on the University's Master Plan. A $175,000 return to the University is projected.

MSP: That the North Campus-University Park Development Corporation Board of Directors approve the 2003/2004 budget as presented.

ITEM #3 FINANCIAL STATEMENTS
As of February 28, 2003 the net asset balance was slightly down from June 30, 2002.

Investments are with the CommonFund and are divided between four separate funds. Equity funds are benchmarked to the S&P 500. As of December 31, 2002, the portfolio showed a loss of 4.55%.

ITEM #4 ANNOUNCEMENTS
Medtronic/MiniMed: NCUP, the CSU and Medtronic/MiniMed had executed an interim agreement extending the stadium demolition deadline to July 31, 2003 and continuing additional parking for Medtronic. The deadline allows time for CSU Board of Trustees consideration of the Parcel 4 agreement. Although Parcel 4 is nine acres, currently under discussion is the use of slightly less than five acres for additional parking. The University would retain parking privileges on evenings and weekends.

The educational partnership agreement includes faculty research, scholarships, internships and community outreach, and will be presented to the California State University Board of Trustees together with the Parcel 4 lease agreement.