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Caption: Board of Trustees Minutes - 1994
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354 BOARD OF TRUSTEES LJuly 13 One of the warehouse buildings will serve as the east campus central receiving, shipping, and warehouse storage facility. Currently, these functions are occupying leased space. The lease will expire June 30, 1996. The campus will also relocate Publications Service and Campus Mail Service from other campus locations to the building. The cost to renovate the warehouse for these purposes is estimated at $850,000. The second building is currently leased to third parties and is generating an annual revenue in excess of $250,000. The campus is reviewing options for the utilization of this building. The campus reviewed several alternatives to satisfy its need for warehouse and support service space. The advantages of this property are: the property is adjacent to the campus thus minimizing the transportation cost to and from central shipping and receiving to campus buildings; the property will increase in value in the future with the improvements being made by the campus to the area south of Roosevelt Road; and the acquisition extends the natural southern border of the campus. Also the property is well suited to meet the warehousing requirements of the campus, provides ample space to grow, and has a payback of under ten years in comparison to the cost of continuing to lease facilities. The cost for the acquisition of the property is estimated at $2,683,000, a price within the appraisal received by the University. This includes the purchase price of $2,600,000 payable to the owner, a payment of $58,000 to Equis Corporation for real estate fees, and estimated closing costs of $25,000. The acquisition and subsequent renovation costs will be paid initially from institutional fund reserves. The campus will restore these reserves through payments over a period not to exceed ten years, in part from annual amounts no longer required for rental of warehouse space. The vice president for business and finance concurs. I recommend approval. On motion of Dr. Gindorf, this recommendation was approved by the following vote: Aye, Mr. Engelbrecht, Dr. Gindorf, Mrs. Gravenhorst, Mr. Lamont, Mrs. O'Malley, Ms. Reese; no, none; absent, Dr. Bacon, Mrs. Calder, Governor Edgar, Ms. Lopez. (The student advisory vote was: Aye, Mr. Malone, Mr. Rose; no, none; absent, Mr. Mathew.) Purchases (33) The president submitted, with his concurrence, a list of purchases recommended by the directors of purchases and the vice president for business and finance. The purchases were presented in two categories: purchases from appropriated funds (i.e., from State appropriations to the University); and purchases from institutional funds. The latter term designates funds received by the University under
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