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Caption: Board of Trustees Minutes - 1950
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8 BOARD OF TRUSTEES [July 21 CONSTRUCTION AND FINANCING OF GRADUATE STUDENT-STAFF APARTMENT PROJECT AT URBANA (10) The General Assembly has appropriated (S.B. 662) the sum of $400,000 for student and staff apartments at Urbana. An additional sum of $251,700 was appropriated by the Board of Trustees (Minutes, January 8, 1948, page 060). The University owns the site of these apartments (southeast corner of Green Street and Goodwin Avenue, Urbana) which is valued at $78,300. Plans and specifications have been completed by Skidmore, Owings, and Merrill of Chicago. Bids for the construction of this project were received July 7. A summary of construction bids and budget for the projects is submitted for (a) the complete project of two six-story and two three-story buildings, (b) one-half of the project consisting of one six-story and one three-story building, and (c) the two six-story buildings. SUMMARY OF CONSTRUCTION BIDS AND BUDGETS (All figures include cost of completion bonds and are based on completion by September, 1949) Two six-story and two threestory buildings (Complete Project, 213 apartments) General work—John Felmley Co ?i Electrical work—Leverenz Electric Co Plumbing work—Eugene M. Hays Heating work—Bellis and Miller Ventilating work—Bellis and Miller Elevators—Otis Elevator Co.. . Totals $2 A condensed budget for each follows: Capital Costs: Building and site development $2 Equipment and furnishings. . Land Total Capital Costs 2 Funds available (including land at 878,300) West one six-story and one threestory building (106 apartments) $ 9 1 0 9 6 9 5° 57 169 03 121 357 56 105 987 38 Two six-story buildings (189 apartments) $1 451 37° 00 101 104 03 20734795 166 549 00 40 77 15 as 713 97° ° ° 112 719 03 23815295 185 676 38 14 180 40 7 211 40 8 322 39 964 77 20 300 52 39 964 304 663 53 $1 222 995 39 $1 974 658 of the above three combinations of units is 696 218 78 993 104 820 300 224 00 00 00 00 $1 487 109 78 1 674 342 160 300 802 00 00 00 00 $2 338 184 78 2 601 998 600 300 898 00 00 00 00 730 000 00 730 000 00 730 000 00 Balance needed $2 263 224 00 $ 944 802 00 $1 871 898 00 Funds required for the total cost are expected to be raised by a self-liquidating loan. Inquiry has been made of all lending agencies who, on an earlier survey, indicated that they would be interested in considering a loan on this project. Only three proposals have been offered. The only proposal which would make possible the financing of the project in any form and which is feasible from an amortization standpoint, is that offered by Salk, Ward, and Salk, Inc., of Chicago, on behalf of the Great West Assurance Company of Winnipeg, Canada. This proposal, subject to final approval by the Company, is for a loan of $900,000, at 4 per cent, payable serially over a period of 25 years, to be a mortgage loan to the University of Illinois Foundation, with a commission of il/2 per cent, payments to be made during construction, prepayment up to 10 per cent in any year
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