The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-04-13
Board of Regents Accept the Offer
Made by ], G. Levold.
DISPOSE OF UNIVERSITY PARK.
Half Million Dollars Will BE
Expended During the Term of the
Lease-Improveme VIII Revert
to the state ut End of the Period
President Graves Empowered to
Settle the Dormitory Dispute.

The board of regents of the state univer-
sity has leased to J. c. Levold, a Seattle
broker, the old university grounds on
Union street, including the Armory and the
old university building, for a period of
thirty years At meeting of the regents
held Wednesday night the board decided,
by unanimous vote, TO accept Mr. Levold's
proposition. which was the highest offer
made. According to the terms of his bid
Mr.. Levold must improve the property at
a cost of not less than $4,000 and must
pay in rents to the state during the pc
riod covered by the lease approximately
1852 500. At the end of the term the build
ings and all improvements revert back
to the state, which becomes sole owner
of them
For some weeks past the regents have
had in contemplation the proposition of
leasing the old university grounds, con-
sisting Of ten acres and the Armory
and old university building for
number of years. Nearly a year ago Mr..
Levold made a proposition. to the board
for a lease He says thai he represents
Portland capitalists, who are prepared TO
improve the grounds at cost of up
wards of $4,000, Mr.. Levold showed the
board of regents a schedule of plans of
the buildings he proposes to erect togeth-
er with a sketch of the grounds laid out
with a park in the center, which he pro-
poses to make part of the improvements.
Provision is made for the erection of
three or more substantial brick and stone
apartment houses and store buildings on
Union street, and number of frame resi-
dences.
For several hours Wednesday night the
board discussed the lease with Mr.. Levold.
The only other bid came from ]. w.
Krouse and provided for the payment of
100000 cash rents, with no guaranty as
to the number and cost of the buildings
to be erected. Finally 1t was decided by
unanimous vote to award the lease to Mr..
Levold, and on terms follows:
during the term of thirty years aggre-
eating si62,500. graduated in periods of
five years. He shall also enter into a
$40 900 bond with the state to guaranty the
fulfllment of the lease. The property shall
be improved by the erection OF buildings,
the grading of streets, etc, at a cost of not
less than $500. coo, and at the end of the
term the buildings shall become the prop
erty of the state.
1t is further provided that no room
part of building shall be leased for
saloon or manufacturing site, and that
less than $500 The average rental TO
the state will be little more than 5000
per annum for the entire thirty years.
BY clause in the lease 1t is provided
that the lessee shall provide a lecture room
and library room for the law department
room for the regents, and two professors
apartments. with cloakrooms etc. If these
quarters are located in a building over
two stories in height the lessee is to pro-
vide elevator service
Provision is also made for the accommo-
dalton OF the National Guard companies In
the present Armory at $3.50 per annum for
a period of five years.