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Executive CommitteeAugust 31, 2005 - Summary
ITEM #1 APPROVAL OF EXECUTIVE COMMITTEE MEETING MINUTES FOR MAY 20, 2005
The minutes were approved.
ITEM #2 PUBLIC SAFETY BUILDING
On February 26, 2004, the Board approved investing in the Public Safety Building as an alternative investment under Corporation investment policy. The University and the Corporation subsequently investigated financing the project through the CSU System-wide Revenue Bond (SRB) program, finally deciding that the original plan was preferable, but with terms more in line with SRB rates.
MSP: That The University Corporation Executive Committee recommend that The University Corporation Board of Directors approve a two-part rate of return for the Corporation investment in the Public Safety Building, as follows: years one through ten, prime minus .5%; after year ten, prime plus 1.5%.
ITEM #3 COLLEGE COURT TOWNHOMES
There have been discussions with bond counsel about selling College Court units to faculty and staff at 20 – 25% below market. This would be a test for the faculty/staff housing project planned for North Campus.
MSP: That The University Corporation Executive Committee recommend that The University Corporation Board of Directors delegate and authorize The University Corporation Executive Director to execute the ground lease, sales contracts and any other documents required to sell the College Court units to faculty and staff of California State University Northridge; that in consultation with Bond Counsel, Orrick Herrington & Sutcliff, the proceeds from said sales be used to pay down existing tax-exempt bonds or be invested in other real estate for the benefit of California State University Northridge, via The University Corporation Real Estate Fund.
ITEM #4 USU – TENANT IMPROVEMENTS
The Board approved $408,000 for this project. The low bid was $449,000.
MSP: That The University Corporation Executive Committee recommend that The University Corporation Board of Directors approve an additional $202,000 allocation for the Mercantile Exchange/Freudian Sip tenant improvement project in the University Student Union, for a total allocation of $610,000.
ITEM #5 HUD UPDATE
As of August 15, 2005, the Corporation owns twelve homes in Memphis. Seven homes are vacant and will be listed for sale.
ITEM #6 FINANCIAL STATEMENTS
The strong closing in sponsored programs and bookstore performance were noted. Investments showed an overall gain of 7.3% for the year.
ITEM #7 RESEARCH & SPONSORED PROJECTS – AWARDS AND EXPENDITURE REPORTS (APRIL, MAY, JUNE 2005)
The information was received.
ITEM #8 ANNOUNCEMENTS
Outsource Prices: The Corporation approved Kikka’s request for a 5% price increase. Increases in Stations averaged approximately 1%. Jamba Juice did not request any price increases this year.