November 16-17, 2000
ITEM 109-2004-R1100 ††††† Authorization to Adjust the Amount to Renovate the Gardiner House; Montana State University-Bozeman
THAT:††††††††††††††††††††††††††††††††††† Consistent with the provisions of MCA 18-2-102 (b), the Board of Regents of Higher Education authorizes Montana State University-Bozeman to renovate the Gardiner House to become the MSU Presidentís Residence for $390,000.
EXPLANATION:††††††††††††††††† 1.††††† At the March 2000 Board meeting, the Regents initially authorized MSU-Bozeman to expend $250,000 to renovate the Gardiner House.† The original authorization was intended to cover the cost of planning, design and landscaping.† Overall costs of construction were to be contingent upon anticipated sale proceeds from the Spring Creek house.
2.††††† It is MSU-Bozemanís stated intent to sell the previous Presidentís Residence on Spring Creek Drive and use the proceeds of that sale to make necessary modifications to the Gardiner House, which will then become the new MSU Presidentís Residence.† While an appraised value of the Spring Creek house was not available when the original request for authority for this project was made, MSU has now acquired a complete professional appraisal (attached).
3.††††† This revised authority adjusts the project authorization from the original $250,000 to match the professional appraisal amount of $390,000.† The increase in authority reflects MSU Bozemanís original intent to utilize the proceeds to renovate the Gardiner residence to the fullest extent possible.
4.††††† The Gardiner House was constructed in 1979 and was given to MSU-Bozeman in late 1994, upon the passing of the owner Henry Gardiner.
5.††††† The wall, floor and ceiling finishes in the house are deteriorated and must be replaced; existing lighting is inadequate and inefficient, requiring additional fixtures as well as the replacement of existing; and the exterior landscaping requires rejuvenation.
6.††††† This project will be financed in the interim with funds from a Board of Investment loan previously approved by the Commissioner.
ATTACHMENT††††††††††††††††††† Appraisal Report