Florida A&M University trustees Thursday could decide on moving forward with an agreement that would allow Duke Energy to lease up to 800 acres at its Brooksville campus to build a solar farm.

Former FAMU President Fred Gainous, now executive director of the Brooksville Agricultural and Research Station, and FAMU Associate General Counsel David Self, brought the proposal before the trustees’ Budget, Finance and Facilities committee Wednesday.

If approved, it would pay FAMU $40 per acre for the use of 800 acres, during an initial two-year planning period. That would increase to $400 per usable acre, or between $240,000 to $320,000 annually, during the two years of construction on the 74.9 megawatt facility.

When fully operational, the 25-year agreement calls for the utility to pay FAMU $850 per usable acre, or an estimated $510,000 to $680,000, per year.

Under the full 25-year proposal, Duke Energy could pay FAMU $17.4 million for 600 acres, $20.3 million for 700 acres and $23.2 million for the full 800 acres.

But, as in past meetings, committee members wanted more answers.

Trustee Harold Mills cautioned members about a 25-year agreement. Instead, his motion to consider an initial 15-year proposal with the option of two five-year-extensions was approved by committee.

“I don’t know if we want to lock ourselves in to 25 years,” Mills said, adding Duke Energy stands to make millions more as the supplier of solar energy to its grid.

Trustees chairman Kelvin Lawson wanted them to explore a public-private partnership that MIT has in North Carolina where the research institute shares in revenues generated by the project.

Gainous said that option had been explored, but not likely. Duke Energy is a regulated monopoly with the Florida Public Service Commission and is allowed a certain profit. Anything beyond that would have to be returned to its customers.

Trustee Thomas Dortch wanted to know more about how the lease proceeds could be distributed at FAMU.

Also Thursday, trustees will hear about an update on its foray into hemp research and production in Florida.

Charles Weatherford, interim vice president for research, will update trustees on the selection of three potential partners – Future Farm Technologies, Green Earth Cannaceuticals, Inc. and Sunshine Hemp, Inc.

More:FAMU trustees consider Duke Energy proposal to build 800-acre solar farm at Brooksville campus

More:FAMU trustees want to move swiftly in nailing down plans to begin hemp research

More:FAMU athletics 'budget gap' of $400,000 discussed at Board of Trustees meeting

Contact senior writer Byron Dobson at bdobson@tallahassee.com or on Twitter @byrondobson.