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" ... The conduit issuer issues bonds for the transaction. The non-profit project owner borrows the bond proceeds from the conduit issuer which are placed in a project account. The developer then constructs the project. Most private developers are very well capitalized to cover the upfront predevelopment costs. Therefore, the college or university typically should not have to spend any money on upfront costs. The financing is non-recourse and bonds can be sold into the market as either rated or unrated. As part of the transaction, the non-profit enters into a ground lease for the project site with the college or university; or the developer acquires a project site. The non-profit agrees to share the net operating income (NOI) with the college or university in exchange for a letter of support often referred to as an affiliation letter. The split of the NOI is negotiated with the non-profit at the beginning of the transaction. The split can be as high as 100% of NOI. At the end of the financing, the non-profit donates the project to the college or university. ... "