Repository: UIHistories Project: Board of Trustees Minutes - 1968 [PAGE 556]

EXTRACTED TEXT FROM PAGE:

504

M E N ' S RESIDENCE H A L L S OF

BOARD OF TRUSTEES

1957

[ A p r i l 19

Purchase $242 000 U . S . Treasury bills due 3/23/67

REVENUE BONDS OF 1956

241 221 37

Purchase $14 000 U.S. Treasury bills due 3/23/67

STUDENT SERVICES

13 961 15

Purchase $30 000 U.S. Treasury bills due 3/23/67

W O M E N ' S RESIDENCE H A L L S OF 1956

29 903 48

Purchase $41 000 U.S. Treasury bills due 3/23/67 T h e s e reports w e r e received for record

40 870 24

LEASING OF MEMORIAL STADIUM (44) T h e Physical Plant Department has recommended the development of a long-range maintenance program for the Memorial Stadium. In order to provide necessary financing for this program as well as the construction of a new press box on the Stadium, the First National Bank of Chicago has agreed to loan the University of Illinois Foundation $1,000,000 at 314 per cent over a ten-year period which will be repaid from payments to be received from the Athletic Association. T h e Director of the Physical Plant and the Vice-President and Comptroller recommend that the Memorial Stadium be leased to the Foundation for a period of fifteen years, lease to terminate when obligations are paid in full. In addition, the Foundation be requested to borrow funds for construction from the First National Bank of Chicago and lease the property back to the University at a rental sufficient to cover the interest, payments on principal, and other related costs to the Foundation. I concur and recommend adoption of the following resolution. Resolution R e University of Illinois M e m o r i a l Stadium Be It, and It Hereby Is, Resolved by The Board of Trustees of the University of Illinois, a public corporation of the State of Illinois, that the Comptroller and Secretary of this public corporation be, and they hereby are, authorized for and in the name of, and on behalf of, this public corporation: (1) to sign, execute and deliver an agreement with and to University of Illinois Foundation, a not-for-profit corporation of the State of Illinois, hereinafter referred to as "Foundation", which agreement shall provide that this public corporation will lease certain hereinafter described property owned by it in Champaign, Illinois to Foundation; that Foundation will borrow money for the purpose of constructing, and will construct, on said property a New Press Box and perform repair and maintenance work on Memorial Stadium and secure architectural and engineering services in connection therewith; that Foundation will sublease said premises, including the building and facilities thereon, to this public corporation at a rental sufficient to pay Foundation's indebtedness incurred in connection with the construction, repair and maintenance work for said building and facilities; and that upon completion of the repayment of said indebtedness from said rentals title to said property, including all improvements and facilities thereon, shall be vested in this public corporation; (2) to enter into a lease with Foundation providing for the leasing by this public corporation to Foundation of the following described property, viz: "Situated in the State of Illinois, the County of Champaign, the City of Champaign, in the S W 14 of Section 18, Township 19 North, Range 9 East of the Third Principal Meridian, and being a part of Lots 11, 12, and 13 of William Williamson's Subdivision of the West \?z of the SW14 of said Section 18, and being more fully bounded and described as follows: "Beginning at a point 21.98 feet distant North of and 416.2 feet distant East of the S W corner of said Section 18; thence Northerly, a distance of 702.3 feet to a c o r n e r ; thence Easterly a distance of 641.95 feet to a corner; thence Southerly,