Repository: UIHistories Project: Board of Trustees Minutes - 1990 [PAGE 151]

EXTRACTED TEXT FROM PAGE:

1990]

UNIVERSITY OF ILLINOIS

139

with the owners of the building, La Mancha/Circle Court Associates, to purchase the property for $5,350,000 pending negotiation of a purchase agreement. Circle Court, currently a shopping center and office building, is a multilevel complex containing approximately 150,000 net assignable square feet (nasf) and 331 parking spaces. The University will acquire this property subject to existing leases which total approximately 98,000 nasf, leaving 52,000 nasf or 35 percent of the building immediately available for occupancy in Phase I. By 1992, an additional 18,000 nasf will be available for University uses (Phase II). The University will occupy the remaining portion of the building as the commercial leases expire during the period 1998 to 2004. T h e acquisition of Circle Court will enable the campus to consolidate student support services including admissions and records, financial aid, support and retention offices, and others. T h e consolidation of these activities will release significant space in University Hall for critical academic needs as well as eliminate several leases in the area. T h e vice president for business and finance has recommended that the Board of Trustees take the following actions: 1. Authorize the university counsel to retain legal counsels to assist in acquisition and funding of this project. 2. Approve an agreement with Laventhol and Horwath to prepare present a detailed financial plan for the acquisition of Circle Court assist in negotiating the purchase agreement. Total estimated fee these services including reimbursables will not exceed $85,000. the and and for

It is anticipated that a financing plan will be presented to the board for approval at its January 1991 meeting that will provide the source of funds needed to effectuate the purchase. I concur.

On motion of Mrs. Calder, these recommendations were approved by the following vote: Aye, Mr. Boyle, Mrs. Calder, Mr. Grabowski, Mrs. Gravenhorst, Mr. Hahn, Ms. Reese, Mrs. Shepherd, Mr. Wolff; no, none; absent, Dr. Bacon, Governor Thompson. (The student advisory vote was: Aye, Mr. Forbes, Ms. Kelly; no, none.)

Purchases

(27) T h e president submitted, with his concurrence, a list of purchases recommended by the directors of purchases and the vice president for business and finance. T h e purchases were presented in one category — purchases from institutional funds. T h e term designates funds received by the University under contracts with the United States government, private corporations, and other organizations; grants from foundations, corporations, and other donors; and University revolving funds authorized by law. T h e total amount of these purchases from institutional funds was $12,490,942.30. A complete list of the purchases, with supporting information (including the quotations received), was sent to each member of the board in advance of the meeting. A copy is being filed with the secretary of the board for record.

On motion of Mrs. Calder, the purchases recommended were authorized by the following vote: Aye, Mr. Boyle, Mrs. Calder, Mr. Grabowski, Mrs. Gravenhorst, Mr. Hahn, Ms. Reese, Mrs. Shepherd, Mr. Wolff; no, none; absent, Dr. Bacon, Governor Thompson. (The student advisory vote was: Aye, Mr. Forbes, Ms. Kelly; no, none.)