Repository: UIHistories Project: Board of Trustees Minutes - 1964 [PAGE 900]

EXTRACTED TEXT FROM PAGE:

1963]

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

855

CONTRACTS FOR CONSTRUCTION OF MATERIALS RESEARCH LABORATORY, PHASE II (11) Submitted herewith is a report from the Physical Plant Department on the construction of the Materials Research Laboratory, Phase II, including a schedule of the bids received, a copy of which is filed with the Secretary of the Board for record. The First National Bank of Chicago has agreed to loan the University of Illinois Foundation $4,500,000 at 2-Hs per cent interest over a twelve-year period to finance that portion of the total cost which will be repaid by the Atomic Energy Commission and Advanced Research Projects Agency. The total cost of the building, including architectural costs and Phase I of the construction previously approved by the Board, is estimated at $4,750,000. The Vice-President and Comptroller and the Executive Vice-President and Provost recommend that $250,000 of the costs for Phase I and architectural services, temporarily financed from indirect costs, be provided from funds which are available in state capital appropriations. T h e Vice-President and Comptroller also recommends that the construction bids be assigned to the University of Illinois Foundation, that the site be leased to the Foundation for a period of thirty years, that the Foundation be requested to borrow funds for construction from the First National Bank of Chicago, and lease the property back to the University for biennial periods at rental sufficient to cover interest, principal, and other costs to the Foundation. I concur and recommend adoption of the following resolution: Resolution for Materials Research Laboratory, Phase I I Be It, and It Hereby Is, Resolved by this Board of Trustees of 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 a building and facilities for use as a Materials Research Laboratory; 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 and equipping of 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 Urbana and being a part of the Ny£ of the NE14 NE14 of Section 18 Township 19 North and Range 9 East of the Third Principal Meridian and being more fully bounded and described as follows: Beginning at a corner of the East property line of Goodwin Avenue in said City of Urbana, said corner being 301.31 feet distant South of and 1236.9 feet distant west of the N.E. corner of said Section 18, and being marked with an iron pipe monument; thence Easterly along a line perpendicular to the East property line of said Goodwin Avenue a distance of 372.12 feet to a corner, said corner being marked with an iron pipe monument; thence Southerly along a line parallel to the East property line of said Goodwin Avenue a distance of 278.0 feet to a corner, said corner being marked with an iron pipe monument; thence Westerly along a line perpendicular to the East property line of said Goodwin Avenue a distance of 372.12 feet to a corner on the East property line of said Goodwin Avenue, said corner being marked with an iron pipe monument; thence Northerly along the East property line of said Goodwin Avenue, a distance of 278.0 feet to the place of