Illinois State University's Board of Trustees today authorized the University to enter into an agreement to lease property from Launching Futures LLC, and Launching Futures II, LLC, for additional remote parking spaces and relocation of administrative and support functions that serve external clientele.
The Illinois State University Foundation formed liability corporations for the purpose of pursuing alternative investment opportunities, including real estate. The real estate properties slated for acquisition include lots 12, 13 and part of 14 at Trader's Circle and 1101 North Main Street in Normal.
The Board set conditions for the lease authorization that include a lease term of five years, with an option to renew for an additional five years with Board approval, annual lease payments not to exceed $50,000 for the Trader's Circle property and $275,000 for the Main Street property, additional rent for improvements not to exceed $500,000 for Trader's Circle and $3 million for Main Street, and University responsibility for all related operational expenses for both properties.
The Trader's Circle property, which is adjacent to an existing 400-space University parking lot, will be used for 375-400 additional student storage parking spaces, freeing up needed parking near campus. The proximity to the existing lot will help with lot management and maintenance. All of the University costs will be paid from University Parking and Transportation's annual parking revenues.
The Main Street property will allow the University to establish space with greater visibility, prominence and functionality for alumni, prospective students, visitors and other external clients. Some of the administrative units interacting with those clients are currently located on the Quad or nearby, with inadequate parking. The University Master Plan calls for moving non-academic units and activities off the quad and toward the edge of campus for easier access for visitors, customers or patrons. The Main Street property will have access to 150 parking spaces and is located within a short driving distance and along major bus or campus shuttle routes. Costs for rent, operations and improvements will be shared by various University offices.
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