Repository: UIHistories Project: Board of Trustees Minutes - 1970 [PAGE 35]

EXTRACTED TEXT FROM PAGE:

1968]

UNIVERSITY OF ILLINOIS

35

c. A certain Agreement dated March 12, 1965, between The Board of Trustees of the University of Illinois, as Owner, and William Holabird, H a r r y F. Manning and Bernard H . Bradley, a partnership doing business as Holabird & Root, Architects-Engineers, for professional services in connection with the construction of the Physical Education Building for the UrbanaChampaign 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 December 1, 1967. d. A certain construction contract yet to be awarded by said Illinois Building Authority to Kuhne-Simmons Co., Inc., an Illinois corporation, the low bidder, with respect to bids for the construction of this project received by the Illinois Building Authority and opened on June 18, 1968, by said Illinois Building Authority, said award to be in the net amount, including recommended alternates, of $8,760,000 (the total of the base bid of $8,976,000 less deductive alternates 1 through 16, which total $216,000). that with respect to all of the above-described contracts, the Foundation will assume the obligations of the Owner thereunder and relieve the Illinois Building Authority of any further responsibility with regard to the same; that said Term Lease shall be for a term of forty-five years commencing on the ISth day of September, 1968, and extending to and including the 14th day of September, 2013, or until the indebtedness incurred by Foundation in connection with the financing, constructing and equipping of said buildings and facilities has been paid and liquidated, whichever shall first occur; that the construction of said buildings and facilities for use as an Intramural-Physical Education Building shall be in accordance with plans and specification therefor as now on file in the office of the University architect of this public corporation and for which bids have been received; that as further consideration for said Term Lease, Foundation will reimburse the University for such expenses as it may have incurred in connection with this project to date; that the property to be leased to the Foundation hereunder is described as follows : Beginning at the Southwest corner of the Southwest quarter of Section 18, Township 19 North, Range 9 East of the Third Principal Meridian, in Champaign County, Illinois, thence North along the West line of Section 18 a distance of 1,214.4 feet to the center line of Peabody Drive; thence East along the center line of Peabody Drive a distance of 383.05 feet; thence South a distance of 74.11 feet, to the true point of beginning; thence continuing South a distance of 357.23 feet; thence East a distance of 669.80 feet; thence North a distance of 357.23 feet; thence West a distance of 669.80 feet to the true point of beginning, being a part of lots 9, 10, 11, and 12 of William Williamson's subdivision of the West one-half of the Southwest quarter of said Section 18, containing 5.49 acres more or less. 2. T o sign, execute and deliver a "Building Lease" with and to the Foundation which Building Lease shall provide that this public corporation will sublease the above-described property together with the buildings and facilities to be erected thereon from the Foundation for a period of two years beginning July 1, 1969 and ending June 30, 1971, for a rental sufficient to amortize the Foundation's obligations incurred for this project over a period of thirty-five years; that no rental shall be due from the University to the Foundation under the terms of said Building Lease until the buildings and facilities to be constructed thereon have been completed and ready for occupancy; that said rental shall be payable in quarter annual installments on the first day of January, April, July and October in each year, beginning on the first such day after said buildings and facilities to be erected pursuant hereto have been completed and ready for occupancy; that said Building Lease shall contain options giving to the University the right to renew said sublease for successive two-year periods from July 1 of each oddnumbered year to June 30 of the next succeeding odd-numbered year by giving written notice to Foundation between the first and fifteenth day of July in each year when such renewal is to be made, to and including June 30, 2006; that said Building Lease shall provide that this corporation subject to the availability of funds which may lawfully be applied to the payment of such rental will exercise said options for renewal for such biennial periods; provided, however, that upon purchase of the buildings and facilities to be erected pursuant hereto by the Uni-