- Campus units may not occupy space without an executed lease in place prior to the date of occupation.
- Campus facilities may not be used by third parties unless an executed lease is in place prior to the date of occupation.
- Leases/licenses may not be backdated.
Designation of Authority
- Only The Board of Trustees of the University of Illinois has the authority to sign a lease or license on behalf of the University of Illinois.
- University employees that sign real estate documents will be held personally and financial responsible for the obligations of the agreement.
- The Real Estate office is the designee of the BOT for negotiating leases.
Even the simplest lease of space could take at least 4-6 weeks for review and approval circulation. Depending on the size and configuration of space required, it may be necessary to begin a space search six (6) months to one (1) year in advance of the anticipated move date in order to allow sufficient time for lease negotiation and construction of tenant improvements.
It is imperative that the departmental user notify RES at the earliest possible stage of the process to insure that the transaction moves without impediment.
Board of Trustees Approval
Compliance with Procurement Code/Requests for Information (RFI) Where appropriate and/or required by the State Procurement Code, RES will solicit formal proposals from potential landlords or tenants through a formal RFI (Request for Information) process. In general, an RFI is required for all leases of off-campus space in excess of 10,000 square feet or where annual costs are anticipated to exceed $100,000. Use of an RFI to solicit tenants for on-campus space is advisable in cases where exposure to the marketplace will result in more competitive proposals. There is a 60 day approval process with the State of Illinois Policy and Procurement Board in advance of executing any leases.
Dollar Limits Leases with annual rental costs exceeding $200,000 in any year of the lease require approval by The Board of Trustees of the University of Illinois. The Board meets only six (6) times per year. It is critical to allow sufficient time in the lease process to permit Board approval.