Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 1270]

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1262

BOARD OF T R U S T E E S

[June 22

are to be made on written approval of the University and Commission, but not in excess of the amount of the loan. 5. When improvements are completed, the Commission will lease all premises to the University for the period of the loan. 6. The University is to pay all operating expenses including insurance and a rental of an amount sufficient to cover debt service each year until the loan is fully paid. (Estimated debt service on a maximum loan of $3,000,000 is $195,000; estimated income is $146,000; balance to be met from General University Income $49,000 a year. On the basis of architect's estimate, $3,600,000 cost of these improvements, debt service would be $234,000 a year and difference $88,ooo.) 7. When all debt obligations are fully paid, the Commission will convey all premises to the University (offer of financing of Equitable loan would be noncallable for five years, thereafter at premiums ranging from Vi to 3 % ) . NOTE: The foregoing conditions are in conformity to the conditions agreed on by representatives of the Commission and the University March 29, 1949, approved by the Board April 21, 1949, and reaffirmed by the Board May 19, 1950, except that construction is to be supervised by the architects, who, although they were chosen by the University, will become agents of the Commission, instead of being "University architects" as previously provided. OFFER O F T H E UNIVERSITY O F ILLINOIS TO T H E MEDICAL C E N T E R C O M M I S S I O N R E S P E C T I N G T H E C O N S T R U C T I O N BY T H E MEDICAL CENTER COMMISSION OF CERTAIN STAFF HOUSING F A C I L I T I E S A N D S T U D E N T R E S I D E N C E H A L L T O B E L E A S E D TO T H E UNIVERSITY OF ILLINOIS

To THE MEDICAL CENTER COMMISSION, COOK COUNTY, ILLINOIS:

An emergency exists at the Professional Colleges of the University of Illinois (hereinafter referred to as the "University") with respect to housing for members of the staff of and students attending the Professional Colleges, and the University is in urgent need of additional housing facilities for said purposes. The University now owns the following described property:

PARCEL A

Lots One (1) to Ten (10) inclusive and Fifty-nine (59) and Sixty (60) and Lots Ninety-five (95) and Ninety-six (96) of Potter Palmer's Subdivision of Lot Eleven (11) and that part of Lot Twelve (12) lying South of the center . line of Polk Street, except Winchester Avenue, in Codewise's Subdivision of the West Half ( W 1 ^ ) of the Southeast Quarter ( S E 1 ^ ) of Section Eighteen (18), Township Thirty-nine (39) North, Range Fourteen (14) East of the Third Principal Meridian, except the West one and thirty-seven hundredths (1.37) chains, and the Medical Center Commission (hereinafter referred to as the "Commission") now owns the following described property:

PARCEL B

Lots One (1) to Twenty-four (24) inclusive in Sturges et al Resubdivision of Block Nine (9) in Assessor's Division of the East Half (E^4) of the Southeast Quarter (SE54) of Section Eighteen (18), Township Thirty-nine (39) North, Range Fourteen (14) East of the Third Principal Meridian. In order to procure the necessary staff and student housing for said Professional Colleges, and in consideration of the Commission making arrangements for temporary and permanent financing of and the construction and equipment of the necessary buildings for that purpose on the above-described parcels, and, as may hereafter be agreed upon by the University and the Commission, for the remodeling and repairing of such of the existing buildings as are retained on Parcel B hereinabove mentioned, the University hereby offers to convey to the Commission the tract of land now owned by it and hereinabove described as Parcel A by deed in substantially the form attached hereto and marked Exhibit "A". The Commission, in consideration of the conveyance to it and by acceptance of this offer, shall agree to arrange for temporary and permanent financing on terms mutually acceptable to the Commission and to the University for the con-