Repository: UIHistories Project: Board of Trustees Minutes - 1976 [PAGE 326]

EXTRACTED TEXT FROM PAGE:

1975]

UNIVERSITY OF ILLINOIS

315

3. Waive all rights and claims to the property at 1108-1110 West Illinois Street and agree to execute a quit claim deed to the University for the property. 4. Waive all claims it might have on any other assets of the University or the Foundation. The Foundation would agree, as outlined above, to the continuation of the Trust Fund created in December 1943. The Chancellor has further recommended that the Board of Trustees authorize the assignment of the option to purchase the property at 1201 West Oregon Street to the University of Illinois Foundation and a request that the Foundation: (1) on or prior to September 1, 1975, exercise the option to purchase the property from the University Club at the option price of $90,000, less the $10,000 already paid, (2) finance the net acquisition cost of $80,000 through a loan, (3) lease this property commencing on or prior to September 1, 1975, to the University at a rental of $3,835, for the ten-month period September 1, 1975, through June 30, 1976, subject to the availability of funds, with a provision for annual renewals, at a rental of $4,600 a year, the amount of the rental being the interest costs incurred by the Foundation in financing the property acquisition, and subject to adjustment for any changes in the interest rate on its loan, and (4) provide the University with an option to purchase the property from the Foundation upon the payment of the loan indebtedness. Upon leasing the Oregon Street property from the Foundation, the University would raze the improvements thereon and use the site for campus parking until needed for permanent construction. Funds for the demolition of the improvements and construction of parking facilities and the rental costs will be included in the budget of the Division of Campus Parking and Transportation for FY 1975-76, and funds for the rental costs required after June 30, 1976, will be included in the same budget on an annual basis. I t is also recommended that the construction of the proposed parking area be approved as a "noninstructional facility," subject to further action by the Illinois Board of Higher Education. It is further recommended that the Comptroller and the Secretary of the Board be authorized to execute any and all necessary documents to accomplish the above transactions. I concur. O n m o t i o n of M r . L e n z , t h e s e r e c o m m e n d a t i o n s w e r e a p p r o v e d a n d a u t h o r i t y w a s g i v e n as r e c o m m e n d e d .

Contract for Educational Services with East Central Illinois Medical Education Foundation

(18) At its July 1974 meeting, the Board approved a contract with the East Central Illinois Medical Education Foundation in an amount not to exceed $71,000. T h e current contract is financed with funds from the federal government for the purpose of developing an Area Health Education System, including graduate medical education programs, in several regions of the State. A number of affiliations and contracts for necessary services and facilities in Chicago, Peoria, Rockford, and Urbana-Champaign are in effect currently under the federal contract. T h e College of Medicine has requested approval to renew the current contract with the East Central Illinois Medical Education Foundation. Under the proposed renewal, E C I M E F would provide 1,920 hours of professional services for graduate medical education instruction, at the rate of $23.61 per hour, for the period July 1, 1975, through June 30, 1976. The University would also reimburse E C I M E F for space and clerical and administrative support for the same period. T h e amount of the proposed contract would not exceed $49,000. Funds are avail-