Repository: UIHistories Project: Board of Trustees Minutes - 1986 [PAGE 288]

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1985]

UNIVERSITY OF ILLINOIS

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the University, based on the availability of funds. The comptroller is authorized to exercise these options. The University will have the option to renew for an additional five-year term, subject to the same annual renewal provisions. A recommendation will be made to the Board of Trustees at the appropriate time. The basic annual cost per rentable square foot for the five-year period is $25. Total rentable space is 3,715 square feet, with annual rent totaling $92,875. Annual rent for an additional five-year term will be $31.25 per square foot for a total of $116,094. The lease also requires payment of a variable "common fee" estimated to be $8 per square foot per year, subject to adjustment depending upon occupancy of the building. The University will negotiate a cap on the rate for each option year. At the $8 rate, the total annual rent for leasing will be $122,595 for the first year. The University will pay for utilities, cleaning, and equipment. The University will also pay for all leasehold improvements estimated to total $380,000. The competitive bid recommendations for this construction work will be made to the board in July.

Funds for this lease will be included in the University of Illinois Hospital's Income Fund Operating budgets to be presented to the Board of Trustees for Fiscal Years 1986 through 1990. The execution of each annual lease is subject to the principles stated above and the availability of funds. The revenue from the satellite clinic, which will be deposited in the Hospital Income Fund, is projected to be sufficient to meet all operating expenses, including leasehold costs, by FY 1988.

On motion of Mr. Hahn, this recommendation was approved by the following vote: Aye, Mrs. Day, Mr. Forsyth, Mrs. Gravenhorst, Mr. Hahn, Mr. Howard, Mr. Logan, Mr. Madden, Mrs. Shepherd, Miss Smith; no, none; absent, Governor Thompson. (The student advisory vote was: Aye, Mr. Lamm, Mr. Pittman; no, none.) Purchases

(35) The president submitted, with his concurrence, a list of purchases recommended by the directors of purchases and the vice president for business and finance ; also, purchases authorized by the president. 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 contracts with the United States government, private corporations, and other organizations; grants from foundations, corporations, and other donors; and University revolving funds authorized by law. The total amounts of these purchases were: From Appropriated Recommended From Institutional Authorized Recommended Grand Total Funds $ Funds $ 149 657 00 3 007 608 76 3 157 265 76 $3 227 250 76 69 985 00