November 16-17, 2000
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