ATTACHMENT������������������� Appraisal Report
November
16-17, 2000
ITEM
109-2004-R1100 ����� Authorization to Adjust the
Amount to Renovate the Gardiner House; Montana State University-Bozeman
THAT:����������������������������������� Consistent
with the provisions of MCA 18-2-102 (b), the Board of Regents of Higher
Education authorizes Montana State University-Bozeman to renovate the Gardiner
House to become the MSU President�s Residence for $390,000.
EXPLANATION:����������������� 1.����� At the March 2000 Board meeting, the
Regents initially authorized MSU-Bozeman to expend $250,000 to renovate the
Gardiner House.� The original
authorization was intended to cover the cost of planning, design and
landscaping.� Overall costs of
construction were to be contingent upon anticipated sale proceeds from the
Spring Creek house.
2.����� It is
MSU-Bozeman�s stated intent to sell the previous President�s Residence on
Spring Creek Drive and use the proceeds of that sale to make necessary
modifications to the Gardiner House, which will then become the new MSU
President�s Residence.� While an
appraised value of the Spring Creek house was not available when the original
request for authority for this project was made, MSU has now acquired a
complete professional appraisal (attached).
3.����� This revised
authority adjusts the project authorization from the original $250,000 to match
the professional appraisal amount of $390,000.�
The increase in authority reflects MSU Bozeman�s original intent to
utilize the proceeds to renovate the Gardiner residence to the fullest extent
possible.
4.����� The Gardiner
House was constructed in 1979 and was given to MSU-Bozeman in late 1994, upon
the passing of the owner Henry Gardiner.
5.����� The wall, floor
and ceiling finishes in the house are deteriorated and must be replaced;
existing lighting is inadequate and inefficient, requiring additional fixtures
as well as the replacement of existing; and the exterior landscaping requires
rejuvenation.
6.����� This project
will be financed in the interim with funds from a Board of Investment loan
previously approved by the Commissioner.
ATTACHMENT������������������� Appraisal Report