Repository: UIHistories Project: Board of Trustees Minutes - 1970 [PAGE 348]

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348

BOARD OF TRUSTEES

[March 19

RESOLUTION AUTHORIZING LEASING O F (ADMINISTRATIVE) OFFICE BUILDING A N D FOREIGN LANGUAGES BUILDING FROM ILLINOIS BUILDING AUTHORITY WHEREAS The Board of Trustees of the University of Illinois on July 26, 1967, authorized the Comptroller and Secretary of the Board to execute the necessary documents to permit the Illinois Building Authority to proceed with certain University projects which the Seventy-Fifth 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 SeventyFifth General Assembly of the State of Illinois has declared, among others, the following University of Illinois projects at the Medical Center campus and the Urbana-Champaign campus to be in the public interest: A. Construct (Administrative) Office Building Medical Center Campus $3 606 200 B. Construct Foreign Languages Building Urbana-Champaign Campus $S 790 000 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 projects as follows : A. Medical Center Campus IBA #75-11 Construct (Administrative) Office Building $3 410 000 B. Urbana-Champaign Campus IBA #75-14 Construct Foreign Languages Building $4 070 000 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 name 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 an (Administrative) Office Building at the Medical Center campus at a cost to the Illinois Buildmg Authority of $3,410,000, requiring an initial rental on or before April 1, 1969, of the sum of $242,005 and on or before September 1, 1969, the sum of $242,005; and during each successive renewal term of the Lease, the annual sum of $242,005 on or before the 1st of September of each year for 22 years with total rental payments of $6,064,665. B. Construction of a Foreign Languages Building at the Urbana-Champaign campus at a cost to the Illinois Building Authority of $4,070,000 requiring an initial rental on or before April 1, 1969, of the sum of $284,440 and on or before September 1, 1969, the sum of $284,440; and during each successive renewal term of the Lease, the annual sum of $284,440 on or before the 1st of September of each year for 22 years with total rental payments of $7,238,460.

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