Repository: UIHistories Project: Board of Trustees Minutes - 1984 [PAGE 36]

EXTRACTED TEXT FROM PAGE:

1982]

UNIVERSITY OF ILLINOIS

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Accordingly, the president of the University, with the concurrence of the appropriate administrative officers, recommends the award of a contract for $59,117 to Fries Walters Co., Hillside, the low bidder on Base Bid No. 3 and Additive Alternate No. 4, for the installation of smoke detector systems in the the Staff Apartments and the Women's Residence Hall at the Medical Center campus. A schedule of the bids received has been filed with the secretary of the board for record. Funds are available from the Auxiliary Facilities System Repair and Replacement Reserve Account.

On motion of Mr, Howard, this contract was awarded by the following vote: Aye, Mrs. Day, Dr. Donoghue, Mr. Forsyth, Mr. Hahn, Mr. Howard, Mr. Madden, Mrs. Shepherd; no, none; absent, Mr. Neal, Mr. Stone, Governor Thompson. (The student advisory vote was: Aye, Mr. Bandala, Mr. Cobb, Miss Forsyth; no, none.)

Lease/Purchase of Chicago Medical School Building

(36) The University of Illinois has a special commitment and contribution to make to the effort underway at the state level and in the city of Chicago to intensify the development of a high-technology industrial base coordinated with university research and other programs. University officers and faculty have been active in helping with this effort. The University of Illinois' role is one of further development of its graduate training and research programs and one of cooperative and appropriate interaction with the high-technology scientific community. As a part of these efforts, the University of Health Sciences/The Chicago Medical School has agreed to lease the real estate at 2020 West Ogden Avenue, Chicago, Illinois, to the University. This property is 9.5 acres and a ten-story building with 147,230 gross square feet and 87,360 net assignable square feet. The lease will permit the University to establish a high-technology center in clcse proximity to area universities to provide an environment for new industries, for the purpose of research and development in the areas of health care, agriculture, electronics, and bio-engineering; the production of medically-related items; and for use by both University of Illinois faculty and industrial science personnel as a high-technology research and development center. The lease would terminate June 30, 1983, and provide for a rental payment of $1 million from the University to the Chicago Medical School. The Chicago Medical School would agree to pay the University $700,000 in monthly installments to cperate and maintain the facility for the lease period. The University would also contract to purchase the property in FY 1984 at a price of not less than $10 million, contingent upon receipt of an appropriation for such amount from the state specifically for this purpose. Appraisers have made reports indicating that the contract price is reasonable and does not exceed the market value of the building. Two written appraisals of the property will be received prior to execution of the agreement to purchase the property. Funds for the lease payment are provided in an appropriation to the University by the state for FY 1983. T h e University's obligation to pay the purchase price is contingent upon receipt of a subsequent appropriation from the state. The executive vice president recommends approval of the lease and purchase of the property by the University on the terms stated. I concur.

On motion of Mr. Howard, these recommendations were approved by the following vote: Aye, Mrs. Day, Dr. Donoghue, Mr. Forsyth, Mr.