Repository: UIHistories Project: Board of Trustees Minutes - 1968 [PAGE 557]

EXTRACTED TEXT FROM PAGE:

1967]

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

505

a distance of 706.2 feet to a corner; thence Westerly, a distance of 641.31 feet to a place of beginning, containing 10.378 acres, more or less," for a term of, fifteen years commencing on the first day of J u n e A.D. 1967, and extending to and including the 31st day of May A.D. 1982, or until the indebtedness incurred by Foundation in connection with the construction on and repair of said building and facilities has been paid and liquidated, whichever shall first occur; in consideration of Foundation's constructing thereon a New Press Box at Memorial Stadium pursuant to plans and specifications therefor as now on file in the office of the University Architect of this public corporation and for which bids have been received, and in consideration of Foundation's securing architectural and engineering services for, and the performing of necessary structure repair and maintenance work on Memorial Stadium, and in consideration of Foundation's subleasing said premises and the building and facilities thereon to this public corporation upon the terms and conditions hereinafter set forth; and providing further that in the event this public corporation should become in default under the terms of said sublease or fail to exercise any option for renewal of the term of said sublease under the terms and conditions therein set forth that thereupon Foundation shall have the full and unrestricted right to the use and possession of said premises and the building and facilities thereon for the remainder of the original term of said lease and the right to assign said lease or sublet said premises with the building and facilities thereon to others for the remainder of the original fifteen year term of said lease; (3) to enter into a sublease agreement with Foundation providing for the subleasing by Foundation to this public corporation of said premises including the building and facilities thereon, under which sublease this public corporation will agree to pay a rental sufficient to meet all current installment payments becoming due and required to be paid by Foundation during the term of said sublease on Foundation's indebtedness incurred in connection with the construction on and repair of said building and facilities; said sublease to run from the date of the closing of Foundation's permanent loan secured for the financing of said improvements and extend to June 30 of the first subsequent odd-numbered year thereafter, and which permanent loan it is contemplated will be repayable in forty quarterly installments of approximately Twenty-nine Thousand Four Hundred Dollars ($29,400.00) each (which includes interest at an effective net interest rate of 3yi per cent due each quarter on the unpaid balance) ; and which sublease shall contain options giving to this public corporation the right to renew said sublease for successive two year periods from July 1 of each odd-numbered year to June 30 of the next succeeding odd-numbered year by giving written notice to Foundation between the first and fifteenth day of July in each year when such renewal is to be made, until said sublease is finally terminated by the payment and liquidation of the above mentioned indebtedness; (4) to commit this public corporation to act as agent for Foundation in the supervision of construction and administration of contracts therefor and change orders thereto, and the administration and service of said indebtedness, and in making payments of and disbursements from and of funds made available by the creditor of Foundation for the purpose of said construction, repair, and acquisition of facilities and services; (5) to enter into an agreement with The Athletic Association of the University of Illinois, a not-for-profit corporation of the State of Illinois, providing for the operation of Memorial Stadium at a rental or operating charge sufficient in amount to provide for the amortization of said Foundation indebtedness; and (6) to sign, execute, acknowledge and deliver any and all other documents and instruments deemed necessary or desirable by said Comptroller and said Secretary to accomplish the purposes herein set forth. 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 f o l l o w i n g v o t e : A y e , M r . C l e m e n t , M r . G r i m e s , M r . H a h n , M r . Hughes, Mr. Johnston, M r . Pogue, M r . Swain, Dr. Weatherly; no, none; absent, M r . Jones, Governor K e r n e r , M r . Page. SALE OF PROPERTY (45) The late E. G. Woods, an alumnus of the University of Illinois, Class of 1931, of Manatee County, Florida, bequeathed to the University of Illinois his