Repository: UIHistories Project: Board of Trustees Minutes - 1990 [PAGE 42]

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BOARD OF TRUSTEES

[July 12

Certificates of Participation by the First National Bank of Chicago as lessor/trustee to fund the construction of the building. It is now anticipated that bids for the project will be received July 12 and 17, 1990. It is essential that contracts be awarded prior to the September 1990 meeting of the Board of Trustees in order that the project can be completed to allow the academic units to be relocated prior to the start of construction of the Chemical and Life Sciences Laboratory project. In order to award these contracts, the Certificates of Participation must be placed following the opening of final bids on July 17, allowing time for the University to enter into a lease-purchase agreement with the First National Bank of Chicago. In addition, University property upon which the building will be located will have to be leased to the First National Bank of Chicago for the term of the lease-purchase agreement. Accordingly, the president of the University recommends that the comptroller be authorized: 1. To award construction contracts for this project to the lowest responsible bidder in each division, and assign those contracts for payment to the lessor/trustee, provided that the total of the low bids (plus alternates accepted) does not exceed $2,650,000. 2. To employ the project architect, Bradley, Likins, Dillow, Drayton, Decatur, for the architectural/engineering contract administrative services required during the construction phase on a fixed-fee basis of $38,700; and to provide the required on-site observation on an hourly basis, not to exceed $78,000. Funds are available from the Fiscal Year 1991 institutional funds operating budget of the Urbana campus. 3. To enter into a lease-purchase agreement, not exceeding $3,500,000, inclusive of a debt service reserve, with the First National Bank of Chicago to acquire the facility through a series of 20 semiannual payments beginning in February 1991 and concluding in August 2000. T h e annual amount of such lease-purchase payments would not exceed $470,000, exclusive of the self-funded retirement of the debt service reserve, at annual interest rates not to exceed eight percent. T h e agreement will be subject to the availability of annually appropriated and budgeted funds. 4. To enter into a lease of University property (for the greater of ten years or the termination of the lease-purchase agreement) with the First National Bank of Chicago as described in the following board resolution.

University of Illinois Board of Trustees' Resolution Authorizing Lease of Property, Area Studies and International Programs Building

Be It, and It Hereby Is, Resolved that the Comptroller, with attestation by the Secretary, is hereby authorized to enter into a lease with the First National Bank of Chicago as lessee for a lease price of One Dollar and other good and valuable consideration for the greater of ten years or until termination of the lease purchase agreement for the building constructed on the following described real property: T h e South 36.25 feet of Lot 4 in Block 2 of A. T. Hall's Addition to the City of Champaign, in Champaign County, Illinois; T h e West 33.3 feet of the South 36.25 feet of Lot 3 in Block 2 of A. T. Hall's Addition to the City of Champaign, in Champaign County, Illinois; Lot 5 in Block 2 of a Replat of Lots 5, 6, 7, and 8 of Block 2 of A. T Hall's Addition to the City of Champaign, in Champaign County, Illinois; Lot 6 in Block 2 of a Replat of Lots 5, 6, 7, and 8 of Block 2 of A. T. Hall's Addition to the City of Champaign, in Champaign County, Illinois; Lot 7 in Block 2 of a Replat of Lots 5, 6, 7, and 8 of Block 2 of A. T Hall's Addition to the City of Champaign, in Champaign County, Illinois.