Trustees to meet today, approve property deal

The University Board of Trustees is expected to approve the acquisition of 16 properties north of campus during its monthly meeting today. The owner of the properties -- located on the 3900 block of Chestnut Street, the 3900 and 4000 blocks of Sansom Street and the 100 block of S. 39th Street -- plans to give them to Penn, University President Judith Rodin earlier this week. "They are clearly strategic properties for us and we're very glad to have the opportunity to receive this gift," Rodin said. The sites include 115 residential units and three commercial units, according to Executive Vice President John Fry. The owner, Arnold Pagano, will give the properties to the University in exchange for a life annuity, Fry said. An annuity requires payment of a certain amount of money every year for the rest of the recipient's life. Since the properties are a gift, the University will not spend any money on purchasing them. Revenues from the buildings, such as rent, will fund the life annuity for Pagano. The University plans to keep the buildings as residences to be leased and managed by a realty group. Fry said the University will improve lighting, security and trash collection in the area. "We control them. Therefore we'll invest in them," Fry added. "They will be better properties and more attractive." There are no plans to demolish the buildings, since they will provide several options for affordable community, student or faculty housing, Fry said. The transfer of the properties will be complete this week, following the trustees meetings. During today's meeting, the trustees will also discuss a resolution to establish several new positions in the School of Arts and Sciences' foreign language departments. This proposal is the final result of an ongoing debate between the Faculty Senate and SAS on whether non-standing faculty can be hired continuously in the foreign language departments, Rodin said. The Faculty Senate passed the proposal last year. Trustees will also receive an updated financial report from Fry and a Health System report from Medical Center CEO William Kelley. Admissions Dean Lee Stetson will also report to the board. Rodin and Provost Stanley Chodorow briefed the trustees on the five-year Agenda for Excellence in closed meetings Wednesday and Thursday. The meetings gave trustees an opportunity to share their ideas on the future of the University with administrators. The Academic Policy Committee and the Budget and Finance Committee will conduct meetings open to the public today at 11 a.m. at the Faculty Club. The general meeting, which is also open to the public, will be held at 2:15 p.m. at the Faculty Club.

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