November 15-16, 2001

 

ITEM 113-1902-R1101††††††††††††††† Conversion of Rental Property, 1121 Sanders; Helena College of Technology of The University of Montana

 

THAT:†† ††††††††††††††††††††††††††††††††††† The Board of Regents of the Montana University System authorizes the Helena College of Technology of The University of Montana to convert the use of rental property at 1121 Sanders, Helena, Montana, to office facilities for faculty on a temporary basis until additional offices are built as part of the planned LRBP expansion of the campus.

 

EXPLANATION:††††††††††† ††††††††††† The purchase of this property was approved in Board of Regentsí Item 103-1901-R0599 in May 1999.† The property acquisition zone identified in Board of Regentsí Item 105-1901-R1199 includes this property.† The property was established as a rental property at the time of purchase, and related rental income was designated for payment of financing costs related to the acquisition.† A growing need for office space on the campus for both permanent and adjunct faculty, as well as staff, supports the use of this facility for office space on a temporary basis pending completion of the planned future expansion of the campus.† Auxiliary and other pledged revenues for debt service will cover financing obligations without the additional rental income from this property.†

 

ATTACHMENTS:           ††††††††††† Board of Regentsí Items 105-1901-R1199 and 103-1901-R0599.