Repository: UIHistories Project: Board of Trustees Minutes - 1972 [PAGE 509]

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1972]

UNIVERSITY OF ILLINOIS

499

The execution of the interim lease and payment made thereunder from an appropriation made by the Seventy-sixth General Assembly were authorized by the Board on September 17, 1969. Funds for rental payments under the construction lease for 1971-72 are available in the appropriation for F Y 1972. The President of the University, with the concurrence of appropriate administrative officers, recommends subject to release of the "Cost Increase Reserve" for this project as described in the previous item, that the Comptroller and the Secretary of the Board of Trustees be given specific authorization to execute the lease in substantially the form requested and that the following resolution be adopted. R e s o l u t i o n A u t h o r i z i n g L e a s i n g of P o w e r P l a n t Addition and I m p r o v e m e n t s from Illinois Building A u t h o r i t y WHEREAS The Board of Trustees of the University of Illinois on September 17, 1969, authorized the Comptroller and Secretary of the Board to execute the necessary documents to permit the Illinois Building Authority to proceed with construction of (Abbott) Power Plant Addition and Improvements at the Urbana campus which the Seventy-sixth General Assembly of the State of Illinois had declared to be in the public interest; and WHEREAS in accordance with the Illinois Building Authority Act the Seventy-sixth General Assembly of the State of Illinois has declared, among others, the following University of Illinois projects at the Urbana-Champaign campus to be in the public interest: Construct Power Plant Addition and Improvements, Urbana $3 379 400 WHEREAS said declaration also provides that the cost of any specific project could exceed the amount set forth therefor so long as the aggregate amount stated therein to be financed by the Illinois Building Authority for the University is not exceeded; and WHEREAS the amount designated for said project as follows: Urbana-Champaign campus I B A #76-007 Construct Power Plant Addition and Improvements $3 375 000 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: Construction of (Abbott) Power Plant Addition and Improvements at the Urbana-Champaign campus at a cost to the Illinois Building Authority of $3,375,000 requiring: an initial rental on or before January 1, 1972, of the sum of $137,805 (payment of which has heretofore been made); and on or before February 1, 1973, the sum of $297,135; and during each successive renewal term of the Lease, the annual sum of $297,135 on or before the 1st of February of each year for 23 years; and on or before February 1, 1997, the sum of $41,420 with total rental payments of $7,310,465. O n m o t i o n of M r . N e a l , 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 , s u b j e c t t o r e l e a s e of t h e c o s t i n c r e a s e r e s e r v e a s d e s c r i b e d in I t e m 19.