Repository: UIHistories Project: Board of Trustees Minutes - 1990 [PAGE 382]

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370

BOARD O F T R U S T E E S

[September 12

development. Title to the land and building were transferred to the University and the facility then leased by the University to C T P at a nominal annual rental of $10 for a term of five years through March 16, 1992. C T P has managed the facility to assure its use for the intended function. T h e chancellor at Chicago recommends the approval of a new lease for the rental of the facility to the reconstituted C T P for the period September 1, 1991, to August 3 1 , 1996, at a nominal annual rental of $10. T h e Commission will also agree to the transfer of the one-half acre of vacant land adjacent to and south of the University Research Center to the University for uses permitted in the Park under the Medical Center Act. T h e land will be transferred after presentation by the University to the Commission of conforming site and use plans. T h e vice president for business and finance recommends approval of the actions. I concur. O n m o t i o n of Mrs. G r a v e n h o r s t , these r e c o m m e n d a t i o n s were a p p r o v e d by t h e following vote: Aye, Dr. Bacon, Mr. Boyle, Mrs. Calder, Mr. Grabowski, Mrs. G r a v e n h o r s t , Mr. L a m o n t , Ms. Reese, Mrs. Sheph e r d , Mr. Wolff; n o , n o n e ; absent, G o v e r n o r Edgar. ( T h e student advisory vote was: Aye, Ms. Caporusso, Mr. Mitchell; n o , none.) Damiani, et al., vs. State of Illinois, et al. Circuit Court of Cook County (Authorization for Settlement) (30) Authority is sought by the university counsel and the vice president for business and finance to settle the above lawsuit for $750,000. A companion case will be dismissed with prejudice as part of this settlement. I recommend approval. O n m o t i o n of Mrs. G r a v e n h o r s t , this r e c o m m e n d a t i o n was a p p r o v e d by t h e following vote: Aye, Dr. Bacon, Mr. Boyle, Mrs. Calder, Mr. Grabowski, Mrs. G r a v e n h o r s t , Mr. L a m o n t , Ms. Reese, Mrs. S h e p h e r d , Mr. Wolff; n o , n o n e ; absent, G o v e r n o r Edgar. ( T h e student advisory vote was: Aye, Ms. Caporusso, Mr. Mitchell; no, none.) Option to Acquire Land for the College of Agriculture, Urbana (31) O n November 15, 1990, the board approved the purchase of 400 acres of land from the Grein family in the area of the University's south farms at a price of $1,400,000. T h e transaction was to be financed in part by the exchange to Stepan Company, Northfield, of a 160-acre agricultural demonstration field located near Elwood (Will County). T h e company has indicated it is willing to pay $500,000 (in purchase and gift) to acquire the Elwood land. Environmental concerns at the Elwood land which were not anticipated have prevented agreements being executed with the Grein family and Stepan Company. This property was acquired by the University from the Federal government (part of the Joliet Arsenal) and was utilized by the College of Agriculture in conducting various types of agronomic research. T h e previous owner and the University, on portions of the land, may have contributed to higher than acceptable levels of certain substances and materials which are now regulated. T h e r e is a reasonable expectation that the conditions that may exist at Elwood may be avoided by retaining title, possibly on a temporary basis, to 12 to 17 acres of the land or undertaking an