The Board of Regents is calling a meeting Thursday to consider approving Iowa State’s request to purchase real estate at 6110 and 6120 Creston Ave. in Des Moines from Iowa Veterinary Specialties.

Iowa State is requesting that the board “consider the following actions requested … related to the acquisition of assets of Animal Emergency Clinic … for the amount of $4.56 million, and authorize the operation of IVS through a non-profit entity [Iowa Veterinary Services Corporation] affiliated with the university,” according to the agenda.

The university would purchase the properties from IVS for about $1.5 million, using a Wells Fargo Master Lease and is also asking the board to “approve the university’s proposed financing plan for the purchase of real estate and business assets [$3,010,000] of IVS,” according to the agenda.

The board would also have to approve the restated articles of incorporation and bylaws of the Iowa State University Equities Corporation, according to the request.

“Iowa Veterinary Specialties is a modern 7,200-square-foot private veterinary hospital comprised of a 24-hour small animal emergency facility and a surgical and internal medicine special practice. The proposed acquisition of IVS includes the real estate, equipment and active veterinary practice,” according to the request. “The purchase of IVS will provide the opportunity for enhancement of clinical and educational experiences for [ISU] veterinary students and residents.”

IVS’s business is in “excellent shape and does not have outstanding liabilities,” according to the request.

The university has completed a phase one environmental scan and a building inspection.

ISU-VSC is to be organized for charitable, scientific and educational purposes and will provide “students and residents with opportunities for learning, faculty and staff of the ISU College of Veterinary Medicine with opportunities to assist in the provision of quality veterinary health care in the greater Des Moines area, researches at the ISU College of Veterinary Medicine with opportunities to advance the practice of veterinary medicine … and a physical location to conduct continuing education programs for veterinarians and their staff in the greater Des Moines area,” according to the request.

The request includes a list of terms from an affiliation agreement between the university and ISU-VSC that includes the leasing of the acquired real estate to ISU-VSC.

The telephonic meeting will be at 9:30 a.m. Thursday. The request is the only item on the agenda.