FCR 1

Office of the President
April 1, 2003


Members, Board of Trustees:

                               APPROVAL OF LEASE

Recommendation: that the Senior Vice President for Administration be authorized to negotiate
and execute the following:

A new lease between the University of Kentucky (Auxiliary Services, Student Housing) and
University Commons, Lexington, Kentucky LTD, 845 Red Mile Road, Lexington, Kentucky, for
space located at 845 Red Mile Road, Lexington, Kentucky, effective August 15, 2003 through
May 15, 2004, for the use of 118,650 square feet of apartment space, at an annual rate of
$1,546,560.00.

Background: FCR 5, dated October 5, 1985, authorized the President or his designated
representative to enter into leases and easements not exceeding $30,000 in value and required
that all leases in excess of $30,000 be approved by the Board of Trustees.



Action taken:  El Approved



Li Disapproved   Li Other