Repository: UIHistories Project: Board of Trustees Minutes - 1990 [PAGE 262]

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BOARD OF TRUSTEES

[April 11

O n motion of Ms. Reese, this recommendation was approved by the following vote: Aye, Dr. Bacon, Mr. Boyle, Mrs. Calder, Mr. Grabowski, Mr. Lamont, Ms. Reese, Mrs. Shepherd, Mr. Wolff; no, none; absent, Governor Edgar, Mrs. Gravenhorst. ( T h e student advisory vote was: Aye, Mr. Forbes; absent, Ms. Kelly.) Acquisition by Condemnation, Circle Court Building, Chicago

(33) On September 13, 1990, the Board of Trustees authorized the comptroller to negotiate an agreement to purchase the Circle Court Building located at 500 South Racine Avenue, Chicago. As reported to the board on November 15, the University reached an agreement in principle with the owners of the building, La Mancha/ Circle Court Associates, to purchase the property for $5,350,000 pending negotiation of a purchase agreement. During the purchase negotiations, a number of issues relating to the title, leasehold interests, and warranties by the seller became problems. T h e parties agree that they will attempt to conclude this acquisition through a purchase agreement at the agreed-upon price ($5,350,000); however, a condemnation proceeding may become necessary if the title, leasehold interests, and warranty issues cannot be expeditiously resolved. Accordingly, the board is requested to approve the following resolution authorizing the acquisition of the property for $5,350,000 through purchase or condemnation. T h e law firm of Miller, Shakman, Hamilton, and Kurtzon was retained to assist in obtaining necessary city approvals involved in the acquisition of the property and to assist in negotiations with the sellers. Because of the time and problems involved in the acquisition of the property, the fees of the firm will exceed $50,000, and the board is requested to approve retention of the firm to complete the acquisition.

Resolution Authorizing Condemnation of Property at 500 South Racine, Chicago, Illinois

Be It, and It Is Hereby, Resolved, Found, and Declared by the Board of Trustees of the University of Illinois, a body corporate and politic of the State of Illinois, that the following legally described property situated in the County of Cook, in the State of Illinois, to-wit: Commencing at a point in the North line of West Harrison Street (66 feet wide) and 5.00 feet West of the West line of South Racine Avenue (66 feet wide); thence North 00 degree 04 minutes 03 seconds West along a line 5.00 feet West of and parallel with the West line of South Racine Avenue, a distance of 74.14 feet to the point of beginning for said parcel of land; thence continuing North 00 degree 04 minutes 03 seconds West along said parallel line, a distance of 109.47 feet; thence North 08 degrees 46 minutes 54 seconds West, a distance of 89.09 feet to a point of curve; thence Northerly along the arc of a circle, convex to the West, tangent to the last described course having a radius of 390.00 feet a distance of 59.62 feet to a point in the South line of West Congress Parkway (66 feet wide); thence South 89 degrees 58 minutes 37 seconds West along said South line of West Congress Parkway a distance of 702.89 feet; thence south 00 degree 01 minute 23 seconds East a distance of 295.89 feet to a point 33.67 feet North of the North line of said Harrison Street; thence South 87 degrees 02 minutes 31 seconds East, a distance of 193.65 feet to a point 24.00 feet North of the North line of said West Harrison Street; thence South 89 degrees 54 minutes 16 seconds East along a line 24.00 feet North of and parallel with the North line of said West Harrison Street, a distance of 477.60 feet to a point of curve; thence Northeasterly along the arc of a