Repository: UIHistories Project: Board of Trustees Minutes - 1948 [PAGE 58]

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56

BOARD OF TRUSTEES

[September 24

been drafted and submitted to Captain Ransford of Great Lakes, and orally agreed to. Term Until June 30, 1947, with the privilege to the University to renew for successive biennial periods until June 30, 1951, and for successive annual periods until June 30, 1954. Space The North Transit Shed, west of Frame 108; the frame building known as the New Mess H a l l ; office spaces in the head houses; loft space in south passenger building; boiler room at east end of South Transit Shed; the boiler shop; refrigeration and cold storage rooms at east end of North Transit S h e d ; passageway along east end of Pier roadway; the Recreation Section; the Escort House underneath the approach ramp, and parking space northeast of North H e a d House. Sq ft Original space selected Additional space Total space on the Pier Plus parking space Total space leased 253,615 99,735 353,350 20,000 373,35°

Rental The original agreement was 35£ per square foot for the 253,615 square feet on the Pier, making a rental of $88,765.25, plus 20,000 square feet for parking at $5,000.00, making a total of $93,765.25. W h e n the University acquired the 99,735 square feet of additional space, at the suggestion of the City it was agreed to state the rent, not in terms of a price per square foot, but as an annual rental. At 35^ per square foot, 353,35° square feet would have been $123,662.50. This sum, plus the rental for parking space of $5,000.00 would be $128,662.50. The present agreed annual rental is $117,000.00 per year. F o r the period ending June 30, 1947, the rental is $115,000.00. Additional Payments Electricity: Current rates plus an additional charge of 5% on demand meter readings, and 3.5% on net energy readings, to cover pro rata share of line and transformer losses. Gas: Current rates. ( T h e University may contract direct with the Commonwealth Edison Company and the Peoples Gas Light and Coke Company.) Water: Current rates. Heat: Office spaces—$100.00 per month. The University is to heat the City shop space. Insurance The University is to pay $1,120.00 per year (30$ per lineal foot) in lieu of insurance against loss to the City from fire, tornado, or other casualty on the Pier. T h e University may carry its own W o r k m e n s ' Compensation Insurance. The University is required to take out Public Liability insurance for the protection of the City—$100,000.00 for property damage, $250,000.00 for personal injuries and death in any one accident, and $50,000.00 for bodily injury. Insurance companies arc to be approved by the joint action of the Comptrollers of the City and of the LTniversity. Termination The University may terminate on six (6) months' notice. After four years, the City may terminate on any June 30, on six (6) months' prior notice. Navy Property The City agrees to leave on the Pier for use by the University, any property left there by the Navy, the University to be deemed a lessee thereof from the City, and to pay as rent therefor over a period of four (4) years, the amount that the Navy charges for such property.