Repository: UIHistories Project: Board of Trustees Minutes - 1970 [PAGE 434]

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434

BOARD OF TRUSTEES

[June 18

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 Chicago Circle campus and the Urbana-Champaign campus to be in the public interest: A. Construct Education Center Building Chicago Circle Campus $6 781 575 B. Construct Utilities Center Addition Chicago Circle Campus 2 297 900 C. Construct Music Building Urbana-Champaign Campus 4 380 000 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. Chicago Circle Campus IB A #75-04 Construct Education Center Building $5 595 000 B. Chicago Circle Campus IB A #75-07 Construct Utilities Center Addition 2 145 000 C. Urbana-Champaign Campus IBA #75-17 Construct Music Building 4 285 000 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 Education Center Building at the Chicago Circle campus at a cost to the Illinois Building Authority of $5,595,000, requiring an initial rental on or before September 1, 1969, of the sum of $459,845, and on or before September 1, 1970, the sum of $459,845; and during each successive renewal term of the Lease, the annual sum of $459,845 on or before the 1st of September of each year for 22 years with total rental payments of $11,518,720. B. Construction of a Utilities Center Addition, at the Chicago Circle campus at a cost to the Illinois Building Authority of $2,145,000, requiring an initial rental on or before September 1, 1969, of the sum of $177,190, and on or before September 1, 1970, of the sum of $177,190; and during each successive renewal term of the Lease, the annual sum of $177,190 on or before the 1st of September of each year for 22 years with total rental payments of $4,416,035. C. Construction of Music Building, at the Urbana-Champaign campus at a cost to the Illinois Building Authority of $4,285,000, requiring an initial rental on or before September 1, 1969, of the sum of $354,590 and on or before September 1, 1970, the sum of $354,590; and during each successive renewal term of the Lease, the annual sum of $354,590 on or before the 1st of September of each year for 22 years with total rental payments of $8,821,755. O n m o t i o n of M r . S w a i n , 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 b y the following vote: Aye, M r . Clement, M r . Grimes, M r . H a h n , M r . H u g h e s , M r . Jones, M r . Pogue, M r . S w a i n ; no, n o n e ; absent, Governor Ogilvie, M r . P a g e , M r . Steger.