The Trustees Executive Committee approved Friday a motion to authorize the borrowing of up to $15 million from CoreStates Bank for the purchase of the property at 36th and Chestnut Streets where the Sheraton University City stands. Penn has entered into an agreement to purchase the hotel.
In other actions, the Executive Board:
Named the new home of the Fine Arts Department after the late Charles Addams, in a resolution of appreciation to his former wife which reads:
Resolved, that the renovated structure at 3317 Chestnut Street be designated the Charles Addams Fine Arts Hall for the Graduate School of Fine Arts, in appreciation of the art of Charles Addams and in fond memory of his student days at Penn, and in gratitude to Barbara Lady Colyton, a true friend to artists and to this University.
Voted to sell, for $68,000, a house at 440 N. 32nd Street, bought for $5000 and renovated as a class project of the Entrepreneurial Inner City Housing Markets Class of the Dynamics of Organization Program. Proceeds will fund future acquisition and rehabilitation projects of the class.
Approved funds for replacement of the 11-year-old Penn Star Helicopter which serves the Penn Health Systemalso replacing the former operating lease arrangement with a tax-exempt capital lease to yield annualized cost savings of approximately $320,000. The helicopter's capitalized cost is $3,800,000 and its projected salvage value at the end of the lease is $2,800,000.
Authorized the start of a five-year Lighting Energy Reduction Program, which calls for installing state of the art energy-saving lighting fixtures and ballasts in all campus interior fixtures already so equipped. Estimates are for $1.5 million to be spent this year from central funds, to be reimbursed from energy savings. The program's total cost is estimated at $7.5 million, and the projected savings rate is $3.5 million annually.
Approved $3,080,000 for the renovation of the Elementary Particle and Astrophysics Laboratories at David Rittenhouse Labs, to be funded by a $1.2 million grant from NSF plus central University funds that are included in the FY1997 Capital Budget.
Volume 43 Number 4
September 17, 1996
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