Kutak Rock served as Bond Counsel in connection with the issuance of the $76,850,000 Illinois Finance Authority Lease Revenue Bonds (Provident Group–SCCIL Properties LLC – University of Illinois Urbana-Champaign Project), Series 2023A (Learning Facility); $9,570,000 Illinois Finance Authority Lease Revenue Bonds (Provident Group–SCCIL Properties LLC – University of Illinois Urbana-Champaign Project), Series 2023B (Parking Facility); and $795,000 Illinois Finance Authority Lease Revenue Bonds (Provident Group–SCCIL Properties LLC – University of Illinois Urbana-Champaign Project), Taxable Series 2023C.

The Series 2023 Bonds were issued for the purpose of providing funds to: (a) finance the cost of the design, development, construction and equipping of an instructional facility on the campus of the University of Illinois Urbana-Champaign to be known as the “South Campus Center for Interdisciplinary Learning” or “Steven S. Wymer Hall;” (b) finance the cost of the design, development, construction and equipping of a four-story, standalone parking facility, providing approximately 441 parking spaces on the University of Illinois Urbana-Champaign campus; (c) fund interest on the Series 2023 Bonds during the period of construction of the Series 2023 Projects and for approximately three months following the completion of each of the Learning Facility Project and the Parking Facility Project; and (d) pay the costs of issuing the Series 2023 Bonds.

The Learning Facility will be a hybrid facility consisting of state-of-the-art instructional facilities and iFLEX classrooms (classrooms with reconfigurable furniture, multiple writing surfaces, and enhanced technologies), informal learning environments, black-box sound stages and studios for the creation of online learning content, and other learning environments, conference rooms, offices, and support spaces.

The Parking Facility will replace displaced parking spaces from the Learning Facility property, and further increase the parking enterprise’s capacity by 125 parking spaces.

Fred Marienthal, Jennifer Barrett, Kevin Barney, Larry Carlile and Shawn Willette worked on this transaction.