Repository: UIHistories Project: Board of Trustees Minutes - 1968 [PAGE 1144]

EXTRACTED TEXT FROM PAGE:

1092

BOARD OF T R U S T E E S

[June 19

Submitted herewith is a report from the Physical Plant Department, including a schedule of bids received, a copy of which is being filed with the Secretary of the Board for record.

On motion of Mr. Williamson, this contract was awarded by the following vote: Aye, Mr. Clement, Mr. Grimes, Mr. Hahn, Mr. Hughes, Mr. Jones, Mr. Swain, Mr. Williamson; no, none; absent, Mr. Page, Mr. Pogue, Governor Shapiro, Dr. Weatherly.

LEASING OF CHANCELLOR'S HOUSE, URBANA (26) The duties of the Chancellor at the Urbana Campus require that he reside in a facility suitable for those functions which must be carried out as a part of his responsibilities for institutional services. With some remodeling, the property at 101 West Meadows in Urbana will meet the needs of both the University and the Chancellor. This property can be acquired by the University of Illinois Foundation at a cost of $85,000; the figure is within appraisals received by the University. The Foundation proposes to finance the acquisition and remodeling of this facility by borrowing $100,000 at 4 per cent interest for a ten-year period. Of this amount, $85,000 will be employed to purchase the property and the balance will be devoted to necessary remodeling. The Chancellor will reside in this facility as a part of his responsibilities of employment. However, he will pay an annual rental to the University of $4,200, to be adjusted to reflect fluctuations in costs. T h e President of the University, with the concurrence of appropriate administrative officers, recommends that the Board of Trustees authorize a lease with the Foundation for this property at an annual rental sufficient to amortize the loan. Funds are available in the Physical Plant Budget for this purpose. O n m o t i o n o f M r . G r i m e s , a u t h o r i t y w a s g i v e n a s r e c o m m e n d e d by the following v o t e : 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 . Swain, M r . Williamson; no, n o n e ; absent; Mr. Page, Mr. Pogue, Governor Shapiro, Dr. Weatherly. AMENDMENT TO LEASING OF MEMORIAL STADIUM (27) In connection with the development of a maintenance program for Memorial Stadium and the construction of a new press box for the Stadium, the Board, at its meeting on April 19, 1967, authorized the leasing of Memorial Stadium to the University of Illinois Foundation and requested the Foundation to borrow $1,000,000 for the construction from T h e First National Bank of Chicago. The loan, at 314 per cent interest over a ten-year period, will be repaid by the Foundation from payments received by the University from the Athletic Association, and which Athletic Association will operate the Stadium. The Foundation will lease the Stadium for a period of fifteen years or until the loan is repaid, whichever first occurs, and sublease the property back to the University on a biennial basis at a rental sufficient to amortize the loan and cover related costs of the Foundation. It has now been determined that additional repairs and improvements to Memorial Stadium are necessary. In order to provide financing for this additional program, T h e First National Bank of Chicago has agreed to loan the Foundation $500,000 at 4 per cent interest over a nine-year period, which will be repaid from payments to be received by the University from the Athletic Association. The President of the University, with the concurrence of the Director of the Physical Plant and the Vice-President and Comptroller, recommends that the original documents be amended or supplemented to provide for the $500,000 increase and applicable increase in rental and interest payments. In connection with the above, adoption of the following resolution is requested. First Supplemental Resolution Re University of Illinois Memorial Stadium WHEREAS, The Board of Trustees of the University of Illinois, a public corporation of the State of Illinois, at its meeting on April 19, 1967 authorized the