Repository: UIHistories Project: Board of Trustees Minutes - 1964 [PAGE 757]

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712

BOARD OF TRUSTEES

RENEWAL OF LEASES AT NAVY PIER FOR CHICAGO UNDERGRADUATE DIVISION

[August 1

(13) The University's leases with the city of Chicago for portions of Navy Pier and the adjacent Drill Hall and parking facilities for the University of Illinois Chicago Undergraduate Division expired June 30, 1963. As a result of negotiations with city officials it has been determined that the University may again renew the leases on the same terms on which the leases were renewed in 1960 and subsequently amended, except for the following changes which have been agreed to by the City: a. All provisions of the lease for the facilities used by the University on Navy Pier, excluding the provision for parking facilities in the vicinity of the Drill Hall, will be extended to January 1, 1965, with the University having the option to renew the lease on a month-to-month basis thereafter for a period of six months. The rental will be $161,340 per year, a reduction of $5,760 to cover the deletion of parking facilities to be transferred to the Drill Hall lease. b. All provisions of the lease for the Drill Hall will be extended to June 30, 1965, with the University having the option to extend this lease thereafter for three successive periods of one year each. Said lease will be amended to include the parking facilities in the vicinity of the Drill Hall being deleted from the Navy Pier lease. The rental will be $31,000.08 per year, an increase of $5,760 to cover the use of the parking facilities not previously a part of this lease. The University's planning for the construction of the Congress Circle Campus anticipates beneficial occupancy by February 1, 1965, with completion in the spring. The Director of the Physical Plant and the Vice-President and Comptroller recommend that the Board of Trustees authorize the Secretary of the Board and the Vice-President and Comptroller to execute renewals of the leases for the Navy Pier facilities on the terms set forth above. I concur.

On motion of Mr. Swain, these leases were authorized by the following vote: Aye, Mr. Clement, Mr. Dilliard, Mr. Hughes, Mr. Johnston, Mr. Pogue, Mr. Swain, Mrs. Watkins, Mr. Williamson; no, none; absent, Mr. Kerner, Mr. Page.

HOUSING AND HOME FINANCE AGENCY LOAN FOR CONSTRUCTION OF SINGLE GRADUATE RESIDENCE HALL

(14) The Vice-President and Comptroller and the Director of the Physical Plant recommend authorization of: An application to the Housing and Home Finance Agency for a loan not to exceed $2,500,000 for construction of a single graduate residence hall to be located at the northwest corner of Chalmers Street and Fifth Street, Champaign, with a capacity of approximately 465 students. The estimated cost is $2,650,000; A revenue bond issue of $2,650,000, with at least $150,000 to be sold publicly and the remainder (not more than $2,500,000) to be sold to the Housing and Home Finance Agency. Interest and principal on the revenue bonds will be provided from rental income; Employment of Chapman and Cutler, Chicago, as counsel for the bond issue; and Advertisements for bids on the construction of the residence hall and for the sale of the bonds at times deemed most appropriate by the Vice-President and Comptroller. I concur. O n motion of Mr. Swain, these recommendations were approved, and authority was given as requested by the following vote: Aye, Mr. Clement, M r . Dilliard, M r . Hughes, M r . Johnston, Mr. Pogue, M r . Swain, M r s . Watkins, M r . Williamson; no, none; absent, M r . Kerner, M r . Page.