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UK BOARD AUTHORIZES
LEXINGTON PROPERTY SWAP
WITH DEVELOPER

By Ralph Derickson

 

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The UK Board also set room and board rates for the 2002-2003 school year. The residence hall room and board rate increases by $70 from $3,980 to $4,050.

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April 30, 2002 (Lexington, Ky.) -- The University of Kentucky Board of Trustees today authorized its administrators to negotiate a property transaction which would include the exchange of UK's former printing shop building for two office buildings located at 630-640 South Broadway.

If the transaction is completed, UK will receive $875,000 for its former print shop and property designated as 537-555-573 South Upper Street and 622-626 Lawrence Street from WML Properties, LLC and Doonbeg, LLC. These street addresses include the former UK print shop and two outbuildings and the parking lots on either side of the building. In the exchange, UK will pay $1.5 million for the Broadway buildings.

Senior Vice President for Administration Jack Blanton told board members the two Broadway office buildings are much more desirable for UK office space than the former printing shop which had been a Kroger store in the 1950s and a Pic Pac grocery store in the 1960s.

Blanton said the former printing building would require extensive and expensive renovation to be converted into efficient UK office space, whereas the Broadway office buildings can be utilized immediately. The property exchange coincides with the plans of WML Properties to redevelop an area near UK that is bounded by Maxwell and Bolivar streets and Upper Street and Broadway. The redevelopment will include some single-family residences.

The UK Board also set room and board rates for the 2002-2003 school year. The residence hall room and board rate increases by $70 from $3,980 to $4,050. Housing-only fees at Greg Page Apartments and fraternity houses will increase $54 to $2,745. Housing-only fees for residence halls will be $2,652 for the year (up $52) and the dining card alone will cost $1,398 (up $18).

In other action, the UK Board of Trustees:

-- Created a new Department of Community and Leadership Development in the College of Agriculture,

-- Established new bachelor of science and bachelor of arts degrees in mathematical economics in the College of Arts and Sciences,

-- Changed the name of the College of Allied Health Professions to the College of Health Sciences,

-- Changed the name of the Department of Spanish and Italian to the Department of Hispanic Studies, and

-- Approved the merger of the departments of German Studies, French, Russian and Eastern Studies, and Classics into a single Department of Modern and Classical Languages, Literatures, and Cultures.


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