Repository: UIHistories Project: Board of Trustees Minutes - 1994 [PAGE 461]

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1995]

UNIVERSITY OF ILLINOIS

449

Authorization to Purchase 1101 West Taylor Street, Chicago

(25) The interim chancellor at Chicago, with the concurrence of appropriate administrative officers, has recommended the purchase of a three-story, 12,000 square foot office building with adjoining parking lots at 1101 West Taylor Street, Chicago. The purchase price will not exceed $885,000 in University funds, a price within University appraisals. The property is located proximate to the east side of campus, one block west of Morgan Street at the corner of Taylor Street and May Street. The building would be used jointly by UIC and the City of Chicago. The City of Chicago would use its space as a community public library under a long-term lease from the University. University programs now housed off-campus would use the University space. This joint project is consistent with Great Cities initiatives in helping the surrounding community to have services it might not otherwise be able to obtain. The acquisition 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 the lease payments collected from the city of Chicago. The vice president for business and finance concurs. I recommend approval.

On motion of Mrs. Gravenhorst, this recommendation was approved by the following vote: Aye, Dr. Bacon, Mrs. Calder, Mr. Engelbrecht, Dr. Gindorf, Mrs. Gravenhorst, Mr. Lamont, Ms. Lopez, Mrs. O'Malley, Ms. Reese; no, none; absent, Governor Edgar. (The student advisory vote was: Aye, Mr. Malone, Mr. Mathew, Mr. Rose; no, none.)

Lease of Space, UIC Medical Center, Palos Heights

(26) The interim chancellor at Chicago recommends that the comptroller be authorized to execute a lease with High Technology, Inc., an Illinois corporation affiliated with Advocate Health Care, for leased space located in the High Tech Medical Park (11800 Southwest Highway) in Palos Heights, Illinois. The lease is for the period of November 10, 1995, through November 9, 1998, and includes two one-year renewal periods. The leased space will house clinical operations of the Departments of Ophthalmology, Obstetrics and Gynecology, Urology, and Dermatology. This lease arrangement will provide these departments with an off-site opportunity to treat patients from the surrounding community and public at large. An office suite of 3,705 rentable square feet will be leased. The cost for this space includes the base lease rate ($22.25 per square foot in Year 1) and a usage fee ($ 12,600 per month in Year 1) for marketing and support services, such as receptionist, medical assistant, and ophthalmic technician. In addition, there will be a buildout cost of $42,622 in Year 1 only. Total payments by year are as follows: Year Year Year Year Year 1 $276 259 2 243 679 3 254 136 4 265 102 5 276 558

(option year) (option year)

Funds are available in the Fiscal Year 1996 restricted funds operating budget of the College of Medicine. Funds for the lease renewal periods will be included in the College of Medicine's restricted funds operating budget authorization requests to be submitted to the Board of Trustees. The annual renewals are subject to the availability of funds.