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[95]

Part of Minutes of the University of Kentucky Board of Trustees

Office of the President March 5, 1991 FCR 7 Members, Board of Trustees: PROPOSED GIFT FROM MARION PEPSI-COLA BOTTLING COMPANY. INC. Recnomndation: that the President be authorized to acknowledge receipt of a Charitable Pledge from Marion Pepsi-Cola Bottling Company, Inc. to contribute to the University certain real property and buildings in Paducah, Kentucky; and further, that the President be authorized to execute an Agreement to Lease between the University and Marion Pepsi-Cola Bottling Company, Inc. for the real property and buildings in Paducah, Kentucky. Background: The Board at its meeting on January 22, 1991, authorized the administration to negotiate the terms of the proposed gift in hopes of having the transaction ready for presentation to the Board at the meeting on March 5, 1991. Negotiations are complete and have resulted in Marion Pepsi-Cola Bottling Company and its majority shareholder, Mr. Harry Crisp of Marion, Illinois, making a pledge and an agreement to lease property in Paducah, Kentucky, to the University of Kentucky. The purpose of this charitable gift is to extend higher educational opportunities of the University to West Kentucky. Prior to the time that the Donor makes the gift of the property to the University, the Donor agrees to permit the University to use and occupy the property for University purposes pursuant to the lease agreement. The tentative schedule of the intended contribution is to convey a one-third (1/3) interest in each of the years of 1993, 1994, and 1995. Action taken: Approved I Disapproved _ Other Date: March 5. 1991 2130

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