Minutes of a Regular Meeting, June 22-23, 2004 - Digital Collections

June 22-23, 2004 29203LEASE OF REAL PROPERTY - NCSavoie Lottinville Hall is an aging facility located on the main part of NormanCampus. Due to its age and condition, it is becoming increasingly cost prohibitive to operate andmaintain. Its design and configuration do not readily lend themselves to cost effectiveremodeling or reconfiguration; therefore, the University’s administration has determined that it isbest to vacate the facility, demolish it, and begin planning for the construction of a new academicfacility.Two departments, University Press and Printing Services, are currently housed inSavoie Lottinville Hall. University Press is in the process of relocating to another Universityownedspace adjacent to its existing Venture Drive location. Despite a search of all Universityownedspace, there is not sufficient or appropriate space to accommodate the needs of PrintingServices on Campus. A search of other potential Norman area locations resulted in theidentification of a facility located at 2101 Tecumseh Road. The property comprisesapproximately 70,000 square feet of which 30,000 will be leased by the University. The buildingwas formerly used for a printing operation, and will require very little modification to housePrinting Services.Negotiations were conducted and completed, and an annual per-square-foot price of$6.50 was agreed upon. This price is equal to or lower than comparable per-square-foot pricingof similar property in the area. The lease also provides the University the option, upon Board ofRegents’ approval, to exercise a purchase option at the conclusion of the initial term or extendthe lease an additional five one-year terms at a fixed rate of $7.00 per-square-foot.Funding has been identified, set aside and is available within Printing Servicesoperations accounts.President Boren recommended the Board of Regents authorize the President or hisdesignee to enter into a lease agreement in the amount of $195,000 per year to Tecumseh RoadBuilding No. One, LLC of Norman, Oklahoma, for the use of office and production space at2101 Tecumseh Road, Norman, Oklahoma, for a one-year period beginning September 1, 2004,with the option to renew for four additional one-year periods.Regent Weitzenhoffer moved approval of the recommendation. The following votedyes on the motion: Regents Everest, Clark, Stuart, Weitzenhoffer and Wade. The Chair declaredthe motion unanimously approved.ACQUISITION AND SALE OF PROPERTIES - NCThe University’s administration recommends that it be authorized to pursue the saleof one single family house and two four-plex apartment units located on the corner of Cruce andChautauqua in Norman. The administration also recommends that it be authorized to acquire asingle family house on Jenkins. The maps attached hereto as Exhibit J show the locations of theproperties.The University received the Cruce and Chautauqua properties in 2001 from TheUniversity of Oklahoma Foundation after they were gifted to the Foundation by LouisdeStolinski. The University has been managing the properties since acquisition at a modestprofit. The administration seeks authorization to sell the properties and employ the proceeds toaddress other real estate priorities for the University.The University of Oklahoma Foundation received the Jenkins property in June, 2004from Yoshi Sasaki. The Foundation is transferring the property to the University.