Repository: UIHistories Project: Board of Trustees Minutes - 1968 [PAGE 867]

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1967]

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

815

Construction of a Behavioral Sciences Center Building at the Chicago Circle, at a cost to the Illinois Building Authority of $7,205,000.00 requiring 25 rental payments as follows: an initial rental on or before December 1, 1967 in the sum of $512,560.00; and during each successive renewal term of the Lease, the annual sum of $512,560.00 on or before the 1st of September of each year thereafter for 24 years with total rental payments of $12,814,000.00. 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 v o t e : A y e , M r . Clement, M r . G r i m e s , M r . H a r m , M r . Hughes, M r . Johnston, M r . Jones, Mr. Pogue, M r . Swain; no, none; absent, Governor K e r n e r , M r . Page, Dr. Weatherly. LEASE WITH THE ILLINOIS BUILDING AUTHORITY FOR COLLEGE OF NURSING OFFICE A N D CLASSROOM BUILDING, MEDICAL CENTER (15) T h e Board of Trustees on September 22, 1965, authorized the Comptroller and the Secretary of the Board to execute the necessary documents to permit the Illinois Building Authority to proceed with the College of Nursing Office and Classroom Building at the Medical Center which the Seventy-fourth General Assembly of the State of Illinois had declared to be in the public interest. As a result of deferral of the project, the Seventy-fifth General Assembly again declared it to be in the public interest and the Board of Trustees on July 26, 1967, again requested the Illinois Building Authority to procure the facility for the University. The Executive Committee of the Board of Trustees at its meeting on August 31, 1967, requested the Illinois Building Authority to award contracts for construction. T h e capital costs of the project, including the construction award, are to be financed by Illinois Building Authority funds in the sum of $2,455,000.00, the balance to come from federal funds and state appropriations to the University. The Illinois Building Authority has now sent the University the form of the permanent lease which should be used on the project and has requested that the Board of Trustees take specific action to approve the same. A copy of said lease form is presented herewith and is being filed with the Secretary of the Board for record. The lease relates to the following University project and is on the terms indicated. Two-Year Annual Rent Due Rent Paid December 1,1967, Under Interim and on or before Lease During September 1 of Legislative Amount of 1965-67 Each Year Project Declaration IBA Bonds Biennium Thereafter College of $6 850 300 00 $2 455 000 00 $369 500 00 $173 770 00 Nursing Office and Classroom Building, Medical Center Total Rental Payments $4 366 210 00 Funds for the rental payments during the 1965-67 biennium have been paid from appropriations made by the Seventy-fourth General Assembly under the interim lease previously executed as authorized on September 22, 1965. Funds for rental payments under the lease during the current biennium, 1967-69, are available to the University from appropriations made by the Seventy-fifth General Assembly. The President recommends that the Comptroller and the Secretary of the Board of Trustees be given specific authorization to execute this lease in substantially the form presented in this meeting and that the following resolution be adopted. Resolution Authorizing Leasing of College of Nursing Office and Classroom Building at the Medical Center from the Illinois Building Authority WHEREAS T h e Board of Trustees of the University of Illinois on July 26, 1967, authorized the Comptroller and Secretary of the Board to execute the neces-