Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 1271]

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

I263

struction of a student residence hall on said Parcel A, a suitable building for staff housing on said Parcel B, including the repairing and remodeling of the existing buildings (retained as aforesaid) on Parcel B, and all equipment and furniture necessary therefor, and to construct and equip said buildings and remodel and repair retained existing buildings on Parcel B for the purposes aforesaid, all to be done in accordance with the provisions of Exhibit " B " hereto attached. Upon advice in writing addressed to the President of the Board of Trustees of the University by the Commission that it has procured temporary and permanent financing, to be mutually agreed upon, for the matters above mentioned, the Commission will simultaneously with the delivery by the University of its aforementioned deed execute and deliver a lease in substantially the form attached hereto and marked Exhibit " B " to the University. It is understood that the blank amount of rent to be paid as provided in Section 3 of said lease, shall be such amount and on semi-annual dates as may be mutually agreed upon at the time said lease is executed. Upon acceptance of this offer, the University for and on behalf of the Medical Center Commission, will prepare and submit to the Commission all necessary plans, specifications and estimates of cost necessary for the construction of said buildings, it being understood and agreed that the expenditures by the Medical Center Commission for the construction, repair, remodeling and equipment of said buildings, including all extras, shall not exceed the amount of the permanent financing therefor, and that the University is to be reimbursed by the Commission from the proceeds of the permanent financing of the construction, repair and equipment of the aforesaid buildings for all funds advanced by it for that purpose, but only after all other costs and expenses of such construction, equipment and repair have been fully paid, and that there are sufficient funds therefore from such permanent financing at that time to reimburse the University for such funds advanced. Upon receipt by the Medical Center Commission of the plans, specifications and estimates of cost necessary for the construction of said buildings, the Commission agrees that it will advertise for bids for the construction of said buildings by giving at least three weeks' notice thereof, and that bids will be opened publicly in the presence of representatives of the University of Illinois and that the bids received will be turned over to representatives of the University of Illinois for analysis and will award all contracts responsive to the written recommendations of the University of Illinois. Respectfully submitted, UNIVERSITY OF ILLINOIS By By ,President of the Board of 'trustees

„. Secretary of the Board of Trustees

A C C E P T E D for and on behalf of the Medical Center Commission, Cook County, Illinois, pursuant to authority of a resolution adopted by the Medical Center Commission on the day of , I9S°MEDICAL CENTER COMMISSION By President By

EXHIBIT A

Secretary , 1950,.by Illinois, a body politic to as the "University"), a body politic and coras the "Commission"),

T H I S I N D E N T U R E made this day of and between the Board of Trustees of the University of and corporate of the State of Illinois (hereinafter referred party of the first part, and Medical Center Commission, porate of the State of Illinois (hereinafter referred to party of the second part,