Repository: UIHistories Project: Board of Trustees Minutes - 1968 [PAGE 959]

EXTRACTED TEXT FROM PAGE:

1968]

UNIVERSITY OF ILLINOIS

907

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 Small Animal Clinic Buildings at Urbana-Champaign, Also Known As, Small Animal Clinic and Hospital-Veterinary Medicine Complex, Phase I, Urbana, from the 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 project at Urbana-Champaign to be in the public interest: Small Animal Clinic Buildings At Urbana-Champaign Campus $6 812 000 00 and 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 project as follows: Urbana-Champaign Campus IBA #75-12 Construct Small Animal Clinic Buildings $6 06S 000 00 will not cause said aggregate amount to be exceeded; and WHEREAS the Illinois Building Authority has forwarded to the University of Illinois the form of the permanent construction lease which it requests be used for this project; and has requested that the Board of Trustees take specific action to approve the same; copy of which lease form is presented herewith and is being filed with the Secretary of the Board for record; A7ow, Therefore, Be It, and It Hereby Is, Resolved that the Comptroller and Secretary of this Board of Trustees be, and hereby are, authorized to execute, acknowledge, and deliver in the name and on behalf of this corporation a lease with the Illinois Building Authority in substantially the form presented to this meeting for the following building and facility : Construction of Small Animal Clinic Buildings at the Urbana-Champaign Campus, at a cost to the Illinois Building Authority of $6,065,000.00 requiring 22 rental payments as follows: an initial rental on or before September 1, 1968 in the sum of $442,405.00; and during each successive renewal term of the Lease, the annual sum of $442,405.00 on or before the 1st of September of each year thereafter until June 30, 1990 with total rental payments of $10,786,635.00 (less the sum of $1,053,725.00 which has been paid under the terms of Interium Leases.) O n m o t i o n of M r . P o g u e , 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 a n d the 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 t h e f o l l o w i n g v o t e : A y e , M r . Clement, M r . Grimes, M r . H a h n , M r . J o n e s , M r . P o g u e , M r . S w a i n ; no, n o n e ; a b s e n t , M r . H u g h e s , G o v e r n o r K e r n e r , M r . P a g e , D r . W e a t h erly, M r . W i l l i a m s o n . LEASE W I T H THE ILLINOIS BUILDING AUTHORITY SCIENCE AND ENGINEERING CENTER BUILDING, CHICAGO CIRCLE (20) The Board of Trustees on July 26, 1967, authorized the Comptroller and the Secretary of the Board to execute the necessary documents to permit the Illinois Building Authority to proceed with the Science and Engineering Center Building (Science and Engineering South) at Chicago Circle which the Seventy-fifth Gen-