Repository: UIHistories Project: Board of Trustees Minutes - 1968 [PAGE 98]

EXTRACTED TEXT FROM PAGE:

46

BOARD OF TRUSTEES

[July 27

Resolution Krannert Center for the Performing Arts 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 Urbana, Illinois to Foundation; that Foundation will borrow money for the purpose of constructing, and will construct, on said property buildings and facilities for use as a Krannert Center for the Performing A r t s ; that this corporation will enter into contracts providing for the construction of Phase I of the Krannert Center for the Performing Arts and will utilize funds available to this corporation to the extent of Two Million Four Hundred Thousand Dollars ($2,400,000.00) to pay for such construction, that Foundation will make available to this coropration funds sufficient to pay the balance of the cost of construction of Phase I of the Krannert Center for the Performing A r t s ; that Foundation will enter into contracts for and pay the cost of constructing Phase II of the Krannert Center for the Performing Arts pursuant to the plans and specifications therefor as now on file in the office of the University Architect of this public corporation; that Foundation will sublease said premises, including the buildings and facilities to be constructed thereon, to this public corporation at a rental and upon the terms and conditions hereinafter set forth; and that upon completion of the repayment of said indebtedness 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: A tract of land bounded on the North by Illinois Street; on the East by Gregory Place; on the South by Oregon Street; and on the West by Goodwin Avenue; in the City of Urbana, in the County of Champaign, and State of Illinois; for a term of thirty years commencing on the first day of August A.D. 1966 and extending to and including the 31st day of July A.D. 1996, or until the indebtedness incurred by Foundation in connection with the construction and equipping of said buildings and facilities has been paid and liquidated, whichever shall first occur; in consideration of Foundation's constructing thereon buildings and facilities for use as a Krannert Center for the Performing Arts 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 reimbursing this public corporation for architectural, engineering and estimating fees incurred in connection with said construction and the plans and specifications therefor, and in consideration of Foundation's subleasing said premises and the buildings and facilities to be constructed thereon to this public corporation upon the terms and conditions hereinafter set forth; and providing further than 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 buildings 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 buildings and facilities thereon to others for the remainder of the original thirty 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 buildings and facilities to be constructed thereon, under which sublease this public corporation will agree to pay a Basic Rental payable in quarter annual installments in the amount of Sixty-Four Thousand Five Hundred Dollars ($64,500.00); and an Additional Rental payable quarter annually in an amount sufficient to enable the Foundation to pay all costs and expense incurred by Foundation in connection with the operation and maintenance of the Krannert Center for the Performing Arts plus a sum equivalent to all current interest installment payments becoming due and