Repository: UIHistories Project: Board of Trustees Minutes - 1990 [PAGE 433]

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1991]

UNIVERSITY OF ILLINOIS

421

(The student advisory vote was: Aye, Ms. Caporusso, Mr. Mitchell; no, none.)

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

(23) T h e College of Fine and Applied Arts is proposing to establish an education and exhibition facility in the River North area of Chicago. Approximately 80 percent of those in the design and visual arts fields in Illinois reside and work in metropolitan Chicago. T h e presence of a facility close to these constituents will highlight the work of students, alumni, and the Krannert Art Museum, and it will provide fitting space for other important exhibitions of a noncommercial nature. Educational programming contemplated for the space for various professional groups in art, architecture, urban and regional planning, landscape architecture, and others will furnish a means to enhance interaction with arts professionals in the Chicago area, which is acknowledged as one of the country's most important arts center. Suitable space has been identified in the 720 North Franklin Street Building (at Superior Street). T h e immediate neighborhood houses many of the prominent art galleries in the city. T h e space consists of approximately 5,757 square feet on two levels of the atrium portion of the building (plus 200 square feet of storage space). T h e premises will be remodeled to meet the specifications of the University. T h e term of the lease is five years and, if renovations are complete, will commence December 1, 1991, and expire November 30, 1996, at the following annual rentals: Year 1: $53,000; Year 2: $54,000; Year 3: $56,000; Year 4: $63,000; Year 5: $65,000. T h e r e may be minor adjustments to the rentals to allow for the final cost of building out the leasehold improvements. T h e University will also pay its proportionate share of future increases in taxes and operating expenses for the building. Accordingly, the president of the University, with the concurrence of the appropriate administrative officers, recommends approval to lease the space for the college in accordance with the terms and conditions 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.

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

Lease of Space, Goldseal Building, Chicago

(24) T h e chancellor at Chicago has recommended that the University renew its contract with Hiffman Shaffer Anderson, Inc., as agents for American National Bank and Trust Company of Chicago to continue leasing 82,106 square feet in the Goldseal Building, 707 West Harrison Street, Chicago, for the period August 1, 1991, through June 30, 1996. T h e facility provides loading dock, material receiving, storage, and office space for a number of campus units. Rental and other lease-related expenses for the first eleven months of the term will be $299,421 (a unit cost of $3.98 per square foot); the lease cost excludes electrical, gas, and water. This agreement is subject to the availability of funds to meet the ordinary and contingent lease expenses of the University for Fiscal Year 1992 and each subsequent fiscal year. Funds for the leased space will be made available in the campus institutional funds budget. T h e vice president for business and finance concurs in the recommendation.