Repository: UIHistories Project: Board of Trustees Minutes - 1970 [PAGE 187]

EXTRACTED TEXT FROM PAGE:

1968]

UNIVERSITY OF ILLINOIS

187

WHEREAS said declaration also provides that the cost of any specific project could exceed the amount set forth therefore 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 projects as follows: A. Chicago Circle Campus I B A #75-05 Construct Physical Education Building $4 250 000 B. Medical Center Campus I B A #75-10 Construct Medical Research Laboratory Addition $3 245 000 C. Urbana-Champaign Campus IBA #75-16 Construct Library (5th Stack) Building Addition and; IBA #75-18 Construct Women's (Freer) Gymnasium Addition $2 720 000 will not cause said aggregate amount to be exceeded; and WHEREAS the interim leases applicable to these projects which were heretofore executed pursuant to prior authorization were for different amounts than now being designated; and WHEREAS the Illinois Building Authority has forwarded to the University of Illinois forms of the permanent construction leases which it requests be used for these projects and which will supersede the interim leases; and has requested that the Board of Trustees take specific action to approve the same; copies of which lease forms are presented herewith and are 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 same and on behalf of this corporation leases with the Illinois Building Authority in substantially the forms presented to this meeting for the following buildings and facilities. A. Construction of a Physical Education Building at the Chicago Circle Campus at a cost to the Illinois Building Authority of $4,250,000 requiring an initial rental on or before March 1, 1969, of the sum of $294,475 and on or before September 1, 1969, the sum of $294,475; and during each successive renewal term of the Lease, the annual sum of $294,475 on or before the 1st of September of each year for 22 years with total rental payments of $7,558,580. B. Construction of a Medical Research Laboratory Addition at the Medical Center Campus at a cost to the Illinois Building Authority of $3,245,000 requiring an initial rental on or before March 1, 1969, of the sum of $230,430; and on or before September 1, 1969, the sum of $230,430; and during each successive renewal term of the Lease, the annual sum of $230,430 on or before the 1st of September of each year for 22 years with total rental payments of $5,771,165. C. Construction of a Library (5th Stack) Building Addition and a Women's (Freer) Gymnasium Addition at the Urbana-Champaign Campus at a cost to the Illinois Building Authority of $2,720,000 requiring an initial rental on or before March 1, 1969, of the sum of $192,665 and on or before September 1, 1969, the sum of $192,665; and during each successive renewal term of the Lease, the annual sum of $192,665 on or before the 1st of September of each year for 22 years with total rental payments of $4,837,490.

On motion of Mr. Clement, the foregoing resolution was adopted by the following vote: Aye, Mr. Clement, Mr. Grimes, Mr. Hahn, Mr. Hughes, Mr. Jones, Mr. Pogue, Mr. Swain, Mr. Williamson; no, none; absent, Mr. Page, Governor Shapiro, Dr. Weatherly.

LEASE O F SPACE AT 7 0 4 SOUTH SIXTH STREET, CHAMPAIGN (18) The President of the University, with the concurrence of appropriate administrative officers, that the Board of Trustees request the University of Illinois Foundation to cancel the lease of the premises at 704 South Sixth Street, Champaign, part of first floor and the entire second floor, and enter into a new lease of the entire second floor only (5,940 square feet) of the same property at an annual