Repository: UIHistories Project: Board of Trustees Minutes - 1990 [PAGE 558]

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546

BOARD OF TRUSTEES

[May 14

The chancellor at Urbana and the vice president for business and finance have recommended the establishment of the quasi-endowments for the purposes described. I concur.

On motion of Mr. Downey, this recommendation was approved. By consensus, the board agreed that one roll call vote would be taken and considered the vote on each agenda item nos. 26 through 48 inclusive. The recommendations were individually discussed but acted upon at one time. (The record of board action appears at the end of each item.)

Lease of Space for the College of Fine and Applied Arts, Urbana

(26) On November 14, 1991, the Board of Trustees authorized the lease of space in a building located at 720 N. Franklin Street, Chicago. Prior to the execution of the lease, the landlord substantially increased his price, which effectively terminated the negotiations. Another location has been identified in the 230 W. Superior Street building (at Franklin Street). This building is situated on the opposite street corner from the previously approved space and is favorably located in the River North area "Art District." The space consists of approximately 4,582 gross square feet which is the entire second level of the atrium portion of the building. The space will be remodeled to meet the specifications of the University. The facility has certain advantages over the previously approved premises, because it is now entirely open and contained on a single floor. This will allow for a flexible design to meet the varied program requirements and will provide operational efficiencies. The facility will be used to offer exhibitions, seminars, workshops, and lectures that will permit students and faculty to interact with professional designers, artists, critics, architects, and planners in Chicago; to provide continuing education opportunities (e.g., computer applications) for these professionals; and to promote the intellectual and visually expressive aspects of the college. The term of the lease is five (5) years and, if renovations are complete, will commence July 1, 1992, and expire June 30, 1997, at the following annual rentals: Year 1: $51,000; Year 2: $52,500; Year 3: $54,000; Year 4: $55,500; Year 5: $57,500. The University will also pay its proportionate share of certain future increases in taxes and operating expenses for the building. The chancellor at Urbana has recommended that the action of the board on November 14, 1991, related to the lease of space at 720 N. Franklin Street, Chicago, be rescinded and further recommends approval to lease the space at 230 W. Superior Street, Chicago, in accordance with the terms as described above. Funds are available in the institutional funds operating budget of the College of Fine and Applied Arts at the Urbana-Champaign campus. The vice president for business and finance has recommended approval. I concur.

On motion of Mr. Boyle, this recommendation was approved by the following vote: Aye, Mr. Boyle, Mrs. Calder, Mr. Downey, Mr. Grabowski, Mrs. Gravenhorst, Mr. Lamont, Ms. Reese, Mrs. Shepherd; no, none; absent, Dr. Bacon, Governor Edgar. (The student advisory vote was: Aye, Ms. Caporusso, Mr. Mitchell; no, none.)