Repository: UIHistories Project: Board of Trustees Minutes - 1972 [PAGE 31]

EXTRACTED TEXT FROM PAGE:

1970]

UNIVERSITY OF ILLINOIS

21

WHEKEAS, the amount designated for said project as follows: Medical Center Campus I B A #75-09 Construct College of Dentistry Building $ 5 010 000 will not cause said aggregate amount to be exceeded; and WHEREAS, the interim lease applicable to this project which was heretofore executed pursuant to prior authorization was for a different amount than now being designated; and WHEREAS, the Illinois Building Authority has forwarded to the University of Illinois a form of the permanent construction lease which it requests be used for this project and which will supersede the interim lease; and has requested that the Board of Trustees take specific action to approve the same; copy of which lease form is presented herewith and is being filed with the Secretary of the Board for record. Now, therefore, be it, and it hereby is, resolved, that the Comptroller and Secretary of this Board of Trustees be, and hereby are, authorized to execute, acknowledge, and deliver in the name and on behalf of this corporation a lease with the Illinois Building Authority in substantially the form presented to this meeting for the following building and facility. Construction of College of Dentistry Building at the Medical Center campus at a cost to the Illinois Building Authority of $5,010,000, requiring an initial rental on or before September 1, 1970, of the sum of $441,230, and on or before September 1, 1971, the sum of $441,230; and during each successive renewal term of the lease, the annual sum of $441,230 on or before the 1st of September of each year for 22 years with total rental payments of $11,317,565. O n m o t i o n of M r . S w a i n , t h e f o r e g o i n g r e s o l u t i o n w a s a d o p t e d b y the following vote: A y e , M r . Clement, M r . Grimes, M r . H a h n , M r . H u g h e s , M r . Stone, M r . Swain, D r . W a l k e r ; no, n o n e ; absent, M r . Jones, G o v e r n o r Ogilvie, M r . P a g e , M r . Steger. ASSIGNMENT OF LEASE W I T H NATIONAL C O U N C I L OF TEACHERS OF ENGLISH TO T H E AMERICAN O I L CHEMISTS' SOCIETY (32) On March 12, 1959, the Board of Trustees authorized a seventy-five-year lease of University land to the National Council of Teachers of English ( N C T E ) in a portion of the block bounded by Springfield Avenue, Wright Street, Healey Street, and Sixth Street, Champaign, upon which the Council constructed at its expense a building for its educational activities. T h e building will revert to the University at the end of the lease. N C T E desires to discontinue its use of the leased area since it is in the process of constructing new and larger facilities which will better satisfy its needs on North Lincoln Avenue, north of Urbana, on land which it has purchased. The lease stipulates, in part, that the lease may be assigned if it is determined that the assignee is a proper and fit corporation with financial resources of sufficient amount to meet all the requirements of the lease, is not organized and is not operated for profit and has objectives and goals, and carries on educational activities sufficiently similar to those of N C T E . The American Oil Chemists' Society is a not-for-profit corporation concerned with the chemistry and marketing of natural fats and oils. The Society's national offices are located in Chicago, and it is desirous of locating in close proximity to the Urbana campus. The objectives and goals, and the educational activites which it carries on, are similar to those of N C T E and its location on the campus will be of educational value to the University and to the state. I t has financial resources which appear to be sufficient to meet all obligations under the lease. The Council has entered into an agreement with the Society providing for the assignment upon satisfactory completion of financing arrangements by the Society on or before March 1, 1971, of the balance of the term of the Council's lease with the University to the Society, subject to approval and consent by the Board of Trustees. Accordingly, the President of the University, with the concurrence of appropriate administrative officers, recommends that consent be given to the assignment to T h e American Oil Chemists' Society of the lease dated April 1, 1959, between