Repository: UIHistories Project: Board of Trustees Minutes - 1970 [PAGE 435]

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1969]

U N I V E R S I T Y OF I L L I N O I S

435

AMENDMENTS TO LEASES WITH T H E ILLINOIS BUILDING AUTHORITY (32) On March 19, 1969, the Board of Trustees authorized leases with the Illinois Building Authority for the Office Building 1 at the Medical Center campus and the Foreign Languages Building at the Urbana-Champaign campus which projects the Seventy-fifth General Assembly had declared to be in the public interest. These leases provided that the obligations of the Illinois Building Authority were conditioned upon funds being provided to it through authorized borrowings or legislative appropriations or both. As the Authority was unable to secure such funds based upon the maximum interest rate then applicable and upon the rentals then contemplated, it has requested that the leases be amended to provide for increased rentals in order to now enable it to secure such funds through authorized borrowings for the funding of these projects. The Authority has requested that the leases with the University for these projects be amended to provide for rental payments as follows: Annual Rent Due September 1,1970, Annual Rent and on or before Due April 1, 1969, September 1 of Each and on or before Year Thereafter to Project September 1, 1969 June 30,1992 Office Building Medical Center $242 005 $285 445 Foreign Languages Building Urbana-Champaign 284 440 336 290 The execution of the interim leases and payments made thereunder from appropriations made by the Seventy-fifth General Assembly were authorized by the Board on July 26, 1967. Funds for rental payments under the presently proposed leases for 1969-70 are being requested to be appropriated by the Seventy-sixth General Assembly. The leases provide for termination in the event such appropriations are not made. The President of the University, with the concurrence of appropriate administrative officers, recommends that the Comptroller and the Secretary of the Board of Trustees be given specific authorization to execute the amendments to leases in substantially the form presented in this meeting and that the following resolution be adopted. Resolution Authorizing Amendments to Leases of Office Building and 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 Office Building Medical Center Campus B. Construct Foreign Languages Building Urbana-Champaign Campus $3 606 200 $5 790 000

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 Office Building $3 410 000

1

Also known as Administrative Office Building.