Repository: UIHistories Project: Board of Trustees Minutes - 1972 [PAGE 286]

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276

BOARD O F T R U S T E E S

[April 21

Illinois, hereinafter referred to as "Foundation", which agreement shall provide that this public corporation will lease property owned by it in Champaign, Illinois upon which Memorial Stadium is located to Foundation; that Foundation will borrow money for the purpose of constructing, and will construct, on said property a New Press Box and perform repair and maintenance work on Memorial Stadium and secure architectural and engineering services in connection therewith; that Foundation will sublease said premises, including the building and facilities thereon, to this public corporation at a rental sufficient to pay Foundation's indebtedness incurred in connection with the construction, repair and maintenance work for said building and facilities; and that upon completion of the repayment of said indebtedness from said rentals title to said property, including all improvements and facilities thereon, shall be vested in this public corporation; and WHEREAS, pursuant to said authorization, an Agreement, Lease, and Sublease was entered into with Foundation; and Foundation entered into a Loan Agreement dated June 1, 1967, with T H E F I R S T N A T I O N A L B A N K O F C H I C A G O , a national banking association, organized and existing under and by virtue of the laws of the United States of America and doing business and having its principal office in the City of Chicago, County of Cook, and State of Illinois, hereinafter referred to as the "Bank", providing for a loan in the principal amount of One Million Dollars ($1,000,000.00) for the purpose of financing certain improvements and repairs to Memorial Stadium; and WHEREAS, T h e Board of Trustees of the University of Illinois at its meeting on June 19, 1968, authorized an additional program at a cost of Five Hundred Thousand Dollars ($500,000.00) to be financed over the original loan period expiring June 1, 1977; and WHEREAS, it has been determined that an additional loan of Seventy-five Thousand Dollars ($75,000.00) is required in connection with said repairs and improvements to Memorial Stadium; and WHEREAS, Foundation is willing, upon amendment being made to the Agreement, Lease, and Sublease to provide for an appropriate increase in rental, to enter into a Supplemental Loan Agreement with the Bank providing that the Foundation agrees to issue and deliver to the Bank against the making by the Bank of such loan to the Foundation, a promissory note in the principal amount of Seventy-five Thousand Dollars ($75,000.00) with interest thereon at the rate of four per cent ( 4 % ) per annum payable to the order of the Bank in 23 consecutive installments of principal and interest each in the amount of Three Thousand Five Hundred Thirty Dollars ($3,530.00) on the first day of September, December, March, and June in each year thereafter beginning September 1, 1971, and a final payment of the balance then due on June 1, 1977. Now, Therefore, Be It, and It Hereby Is, Resolved, that the Comptroller and Secretary of this public corporation be, and they hereby are, authorized for, and in the name of, and on behalf of, this public corporation : (1) to enter into an amendment of the Agreement, Lease, and Sublease, or to enter into a supplemental agreement, with Foundation, to pay an increased rental on an annual basis in accordance with the above in consideration of Foundation's performing the additional improvement and repair of Memorial Stadium; (2) to commit this public corporation to act as agent for Foundation in the supervision of construction and administration of contracts therefor and change orders thereto, and the administration and service of said indebtedness, and in making payments of and disbursements from and of funds made available by the creditor of Foundation for the purpose of said improvement and repair of Memorial Stadium; (3) to enter into an amendment of the present agreement or to enter into a supplemental agreement with The Athletic Association of the University of Illinois, a not-for-profit corporation of the State of Illinois, providing for the operation of Memorial Stadium at an increased rental or operating charge sufficient in amount to provide for the amortization of said additional Foundation indebtedness in consideration of the proposed improvements and repairs being made to Memorial Stadium; and