Repository: UIHistories Project: Board of Trustees Minutes - 1970 [PAGE 34]

EXTRACTED TEXT FROM PAGE:

34

BOARD OF TRUSTEES

[September 18

assigned by The Board of Trustees of the University of Illinois to the Illinois Building Authority by Assignment dated December 1, 1967. 3. That the Illinois Building Authority be, and it hereby is, requested to abandon the Intramural-Physical Education Building project on the Urbana campus and to terminate the Interim Construction Lease, Project IBA-75-15, dated December 1, 1967, between the Illinois Building Authority and The Board of Trustees of the University of Illinois in accordance with its terms. 4. That the Comptroller and the Secretary of The Board of Trustees of the University of Illinois be, and they are hereby, authorized to execute, acknowledge and deliver in the name and on behalf of this corporation such instruments, agreements or other documents as may be necessary or appropriate to effectuate the foregoing.

On motion of Mr. Clement, the foregoing resolution was adopted by the following vote: Aye, Mr. Clement, Mr. Hughes, Mr. Swain; no, none; absent, none.

Resolution R e F i n a n c i n g a n d Construction of I n t r a m u r a l P h y s i c a l E d u c a t i o n Building, U r b a n a Be It, and It Hereby Is, resolved by The Board of Trustees of the University of Illinois, a public corporation of the State of Illinois, acting through its Executive Committee, that the University of Illinois Foundation be requested to provide for the financing and construction of an Intramural-Physical Education Building at the Urbana-Champaign campus of the University of Illinois in accordance with the following outlined financing plan, Be It, and It Hereby Is, further resolved by The Board of Trustees of the University of Illinois, acting through its Executive Committee and hereinafter referred to as University, 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. T o sign, execute and deliver a "Term Lease" with and to the University of Illinois Foundation, a not-for-profit corporation of the State of Illinois, hereinafter referred to as "Foundation," which Term Lease shall provide for the leasing by this public corporation of certain hereinafter described property to Foundation for a term of forty-five years; that Foundation will borrow money for the purpose of constructing, and will construct or otherwise provide on said property buildings and facilities for use as an Intramural-Physical Education building; that Foundation will expend not to exceed Ten Million One Hundred and Eighty-Two Thousand Six Hundred and Fifteen Dollars ($10,182,615) for the completion of said buildings and facilities; that the buildings and facilities to be erected hereunder shall be for all purposes considered as personalty and title to the same shall remain in the Foundation until termination of said Term Lease; that throughout the period of the Term Lease, the University shall have an option to purchase the buildings and facilities and terminate said Term Lease; that said option may be exercised by the University at any time by paying to the Foundation a sum adequate to permit the Foundation to retire its then existing obligations incurred for this project; that Foundation will accept from the Illinois Building Authority, a public corporation of the State of Illinois, the assignment of certain contracts with respect to the construction of said Intramural-Physical Education Building now held by the Illinois Building Authority, said contracts being more specifically described as follows: a. A certain Agreement dated June 20, 1967, between The Board of Trustees of the University of Illinois, as Owner, and the Julian Engineering Company, for the replacement of steam services to the Stadium for the Urbana-Champaign campus of the University of Illinois, said Agreement having been assigned by The Board of Trustees of the University of Illinois to the Illinois Building Authority by Assignment dated August 23, 1967. b. A certain Agreement dated June 21, 1967, between The Board of Trustees of the University of Illinois, as Owner, and Clancy Construction Co. for the diversion of underground facilities, Intramural-Physical Education Building sanitary and storm sewers for the Urbana-Champaign campus of the University of Illinois, said Agreement having been assigned by The Board of Trustees of the University of Illinois to the Illinois Building Authority by Assignment dated August 23, 1967.