Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 415]

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BOARD OF TRUSTEES

[June 25

Unassigned funds are still available in building appropriations to the University for the biennium 1947-1949 which, combined with the appropriation of $300,000 requested for student and staff housing for the 1940-1051 biennium, would enable the University to proceed with another step in this project, the construction of the second six-story building, which would include ninety-five apartments. There has previously been released $48,405 from the contingency item in the building appropriations to the University, to supplement funds for the construction of student residence halls. This will not be needed for that project. There is also available an unexpended $60,000 in funds previously released from items for student and staff apartments, and for preparation of plans and specifications for future building projects; and there is an unreleased balance of $29,595 in the item for contingencies. The Governor has been requested t o : (1) rescind in part a previous release of funds authorized by him, so that $48,405 assigned from the contingency item to supplement funds for the construction of student residence halls will be returned to the contingency appropriation; and (2) release a total of $78,000 from the contingency appropriation to be applied on the construction of student and staff apartments. The sum of these items ($60,000, $29,595, and $48,405) will provide $138,000 of funds currently available for student and staff housing construction. If this money can be combined with the $200,000 requested for the biennium of 1049-1951, there will be available a total of $338,000, which would enable the University to proceed with the construction of the second six-story apartment building. The total cost of this is estimated at $1,152,000 (see Schedule A, page 476), of which $814,000 can be borrowed and amortized from rental income. A preliminary survey indicates an estimated net income of $54,904 (see Schedule B, page 477)T h e Director of the Physical Plant Department and the Comptroller recommend the Board authorize the construction of the second six-story building subject to the release of funds in 1047-1949 building appropriations by the Governor, and subject to the receipt of construction and financing bids within the estimates. I concur and recommend that: 1. The Finance Committee of the Board be authorized to act for the Board on bids for the financing of the second six-story unit. 2. The Executive Committee of the Board be authorized to award construction contracts if satisfactory bids are received. Funds appropriated for the biennium 1947-1949 are available until September 30, 1949, but must be encumbered prior to June 30. Committee action is therefore recommended in view of this time element.

On motion of Mr. Livingston, these recommendations were approved.

BIDS ON STUDENT A N D STAFF APARTMENTS (6) Bids on the second six-story building of the Student and Staff Apartments now under construction at Green Street and Goodwin Avenue, Urbana, indicate that the total capital cost will be $1,038,000, or $114,000 less than the architects estimated. Hence it will be necessary to borrow only $700,000 instead of $814,000. The estimated net annual income from rents will be adequate to amortize this amount. The Director of the Physical Plant Department and the Comptroller recommend award of contracts to the lowest bidders as follows, subject to the release of funds in current building appropriations by the Governor and to final approval of an appropriation of $200,000 for housing in the building appropriations requested for the 1949-1951 biennium: Kuhne-Simmons Company, Inc., Champaign, general work $564 500 Bellis & Miller, Inc., Champaign, ventilating work 7 840 Bellis & Miller, Inc., Champaign, heating work 68 907 E . M. Hays, Champaign, plumbing work 114 999 Square Deal Electric Company, LaPorte, Indiana, electrical work 43 317 Otis Elevator Company, Chicago, installation of elevator 19 470