Smile Politely

Illini Media building officially sold

From the release:

As part of its effort to gain stronger financial footing, Illini Media made a significant change at the end of May. Illini Media sold its four story building at 512 E. Green St. in Champaign to a Campustown commercial property owner. In the process, all operations for Illini Media were consolidated to the third floor of the building where IMC is now a tenant.

“We were so fortunate to be able to build, with our alumni’s help, this wonderful facility and operate in it since 2006,” said publisher and general manager Lil Levant. “The things that make it so ideal for our operation are still available to us-its visibility in Campustown, its convenience to our student workers, its open design, and more.”

While bringing all units and departments on one floor has been challenging, employees and departments work more cooperatively and share resources more easily.

The WPGU studio has yet to move to the third floor, but that should be accomplished within the next month. The Illini Tech Center’s Apple campus store, a wholly owned subsidiary of IMC, was closed in mid-May.

Financially, the sale has eliminated the debt associated with the mortgage of the building, as well as the burden of upkeep. IMC’s FY13-14 operating budget, that begins August 1, will reflect IMC’s need to pay down remaining debt, and to develop robust digital content and products. Many of our fundraising initiatives will be purposed to build a sustainable source of reserves for future generations as media continues to grow and change.

“Selling the building was a difficult step to take because of the commitments it took from so many to build it,” said Lil. “But we did it knowing that what is important is the work and opportunity we offer students, and for Illini Media to adapt to remain a leader in college media.”

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