Caption: Board of Trustees Minutes - 1950
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6 BOARD OF TRUSTEES [July 21 2 300 oo 2 200 00 $28 305 97 Architectural and engineering service — reimbursement to Physical Plant Department for salaries and other expenses already incurred Contingencies On motion of Dr. Meyer, this report was received for record. RESOLUTION CONCERNING HOUSING FOR FACULTY OF CHICAGO PROFESSIONAL COLLEGES (8) The following resolution endorsing construction of an apartment building at the northeast corner of Harrison Street and Ashland Boulevard, Chicago, is presented: Whereas, there is a great need for housing facilities for faculty members, staff, and employees at the Professional Colleges in Chicago; Whereas, it is understood that a group of individuals are interested in constructing an apartment building to contain approximately 120 apartments on a vacant plot of ground which is adjacent to the campus of the Professional Colleges and also adjoins but is not within the Medical Center District; Whereas, it may be possible if such a building is constructed that the owners might be willing to give priority to University personnel in renting apartments in the building; and Whereas, in the opinion of the Board of Trustees the construction of such a building with rental priority to University faculty, staff, and employees would alleviate to some extent the need for housing in the area, Now therefore, be it and it is hereby resolved by the Board of Trustees of the University of Illinois as follows: 1. That the Board of Trustees endorse the construction of the building described at the location indicated, and 2. That the Board of Trustees of the University of Illinois request that, if the building is constructed, faculty, staff, and employees of the University be given preference in the rental of apartments in the building, it being suggested that this preference amount to a ten-day optional period for renting such apartments in advance of the offering to the general public to rent. On motion of Mr. Livingston, this resolution was adopted. HOUSING FOR CHICAGO PROFESSIONAL COLLEGES At this point, Dr. Meyer made a report of progress on the consideration of housing for staff, students, and nurses in the Chicago Professional Colleges, and requested Mr. Farr to discuss the projects. Mr. Farr presented the following summary of financial information: SUMMARY OF FINANCIAL INFORMATION CHICAGO BUILDING PROJECTS Project 1 Multiple Story Apartment 1. Total Capital Expenditures (excluding land; #50,000 additional required for land purchases). . . $1 443 518 2. Estimated net income available for debt service 59 467 3. Amount which can be amortized (4%-25 yrs.) 929 200 4. Deficiency in f u n d s . . . . . . . . 514 318 5. Annual debt service required for full loan (4%-25 yrs.). . 92385 6. Annual deficiency in amount available for Debt Service 32 918 1 Project 2 Adjacent Properties Project 3 Combined Project (1 and 2) Project 4 Student Residences $ 87 065 10 383 162 200 75 1351 5 572 4 811 1 $1 530 583 69 850 1 091 400 439183 97 957 28 107 $2 256 1502 66 221 1 034 700 1 221 450 144 394 78 173 Excess over minimum required. * Includes $285,000 furnishings.
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