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The committee unanimously approved about $320,000 for the second phase of renovations of Kings Court. The money will primarily go towards maintenance of the dormotory's windows and facades on its west side, including installing "energy efficient" windows. The committee also unanimously approved over $4.1 million for leasing approximately 61,000 square feet of swing space from the University City Science Center at 3440 Market Street. The space is needed because of the planned razing of Smith Hall for the construction of the Institute for Advanced Science and Technology. The renovations of College and Logan halls will also force offices to relocate to the facility. The initial lease costs will be about $11.79 per square foot, which Trustee Budget and Finance Committee Chairperson Robert Fox said was a "very favorable" rate. John Neff, chairperson of the Trustee's Investment Board, reported a continued slide in the preformance of the University's investments, particularly its common stocks. Neff said that the value of the University's Associated Investment Fund common stocks dropped 24.1 percent in the last year, compared to a 5.8 percent drop in the Standard and Poor's 500. He emphasized, however, that stocks represent only 52 percent of the University's investments now, as compared to 56 percent last year. -- Peter Spiegel

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