A building project that will result in major renovations for the Undergraduate and Main Libraries has the all clear from the Board of Trustees. 

From the University Library website:

Phase One of the building project will transform the current Undergraduate Library building into a facility that will house the University Archives, the Illinois History and Lincoln Collections, and The Rare Book & Manuscript Library. Between campus support, fundraising, and internal allocations, the entirety of the $50M in funding has been secured for construction. The first phase is expected to be completed in 2024.

The UGL will remain open through the end of the current semester. For the Fall 2022 semester, UGL library services will be integrated throughout the library system, including the Main Library, Grainger Engineering Library, and Funk ACES Library.

You can see some of the renderings here:

Top image from University Library Twitter.