Repository: UIHistories Project: Board of Trustees Minutes - 1972 [PAGE 285]

EXTRACTED TEXT FROM PAGE:

1971]

UNIVERSITY OF ILLINOIS

275

Attached herewith is a schedule of bids received, a copy of which is being filed with the Secretary of the Board for record. O n m o t i o n of M r . S w a i n , t h e s e c o n t r a c t s w e r e a w a r d e d b y t h e following vote: Aye, Mr. Forsyth, Mr. Grimes, Mr. H a h n , M r . Howard, M r . H u g h e s , M r . Neal, M r . Pogue, M r . Steger, M r . S w a i n ; no, n o n e ; absent, Dr. Bakalis, Governor Ogilvie. CONTRACT FOR STORM A N D SANITARY SEWER AND WATER MAIN EXTENSIONS FOR LEVIS FACULTY CENTER. URBANA (19) The President of the University, with the concurrence of appropriate administrative officers, recommends award of a contract in the amount of $44,600 to Paul E. Wagner, Mahomet, the low bidder (the award being on the low base bid of $41,000 plus the acceptance of the additive alternate of $3,600), for storm and sanitary sewer and water main extensions for the Levis Faculty Center at the Urbana campus. Funds are available in state capital appropriations to the University and have been released by the Governor. O n m o t i o n of M r . S w a i n , t h i s c o n t r a c t w a s a w a r d e d b y t h e f o l lowing vote: Aye, Mr. Forsyth, Mr. Grimes, Mr. Hahn, Mr. Howard, M r . H u g h e s , M r . Neal, M r . Pogue, M r . Steger, Mr. S w a i n ; no, n o n e ; absent, D r . Bakalis, G o v e r n o r Ogilvie. A M E N D M E N T TO LEASING OF MEMORIAL STADIUM. URBANA (20) In connection with the development of a maintenance program for Memorial Stadium and the construction of a new press box for the stadium, the Board of Trustees, at its meeting of April 19, 1967, authorized a lease of the stadium to the University of Illinois Foundation and requested the Foundation to borrow $1,000,000 for the construction from The First National Bank of Chicago. (The loan, at 314 per cent interest over a ten-year period, is to be repaid by the Foundation from payments received by the University from the Athletic Association for the right to utilize the stadium. T h e lease is for a period of fifteen years or until the loan is repaid, whichever first occurs, the Foundation to sublease the property back to the University on a biennial basis at a rental sufficient to amortize the loan and cover related costs of the Foundation.) Subsequently it was determined that additional repairs and improvements to Memorial Stadium were necessary. On June 19, 1968, the Board authorized the financing of this additional program by a bank loan of $500,000 at 4 per cent interest over a nine-year period. T h e loan is from The First National Bank of Chicago to the Foundation; this loan is being repaid from payments received by the University from the Athletic Association. As the repair and improvement project has proceeded, it has become evident that additional structural and mechanical deficiencies remain to be corrected. In order to provide funding, The First National Bank of Chicago has agreed to lend the Foundation an additional $75,000 at 4 per cent interest. The loan would be consummated on June 1, 1971, with repayment to be made on a quarterly basis over a six-year period from payments to be received by the University from the Athletic Association. The President of the University, with the concurrence of appropriate administrative officers, recommends that the original documents be amended or supplemented to provide for the $75,000 increase and applicable increase in rental and interest payments. In connection with the above, adoption of the following resolution is requested. Second S u p p l e m e n t a l R e s o l u t i o n R e University of Illinois Memorial Stadium WHEREAS, The Board of Trustees of the University of Illinois, a public corporation of the State of Illinois, at its meeting on April 19, 1967, authorized the Comptroller and Secretary of this public corporation in the name of, and on behalf of, this public corporation: (1) to sign, execute, and deliver an agreement with and to U N I V E R S I T Y O F I L L I N O I S F O U N D A T I O N , a not-for-profit corporation of the State of