Repository: UIHistories Project: Board of Trustees Minutes - 1990 [PAGE 383]

EXTRACTED TEXT FROM PAGE:

1991]

UNIVERSITY OF ILLINOIS

371

appropriate cleanup. Additional time will be required to identify solutions which are acceptable to all parties. Stepan remains interested in proceeding with the Elwood acquisition, and it is contemplated that an option agreement between the company and the University will be arranged for the same or nearly the same price. No payments are anticipated in securing the option agreement with Stepan. T h e Grein transaction was originally scheduled to close prior to the 1991 planting season. T h e time expended investigating the environmental concerns at Elwood has resulted in the necessity to renegotiate the agreement with the Grein family. T h e owners are willing to maintain the previously stated price under an option agreement until December 1, 1991, for an option payment of $50,000. If the option is exercised, $30,000 of the option payment will be applicable to the purchase price. T h e additional time necessary to complete the Elwood exchange will necessitate temporary financing of the Grein transaction which could be provided by the University of Illinois Foundation. Accordingly, the president of the University, with the concurrence of the appropriate administrative officers, recommends that the University of Illinois Foundation be requested to enter into an option agreement to acquire the Grein land, exercise the option agreement as requested by the University, and lease the land to the University at a rental sufficient to cover the carrying costs incurred by the Foundation. Funds for the lease are available in the operating budget of the College of Agriculture (from several income-producing farm accounts) and from private gift funds.

On motion of Mrs. Gravenhorst, these recommendations were approved by the following vote: Aye, Dr. Bacon, Mr. Boyle, Mrs. Calder, Mr. Grabowski, Mrs. Gravenhorst, Mr. Lamont, Ms. Reese, Mrs. Shepherd, Mr. Wolff; no, none; absent, Governor Edgar. (The student advisory vote was: Aye, Ms. Caporusso, Mr. Mitchell; no, none.)

Purchases

(32) T h e president submitted, with his concurrence, a list of purchases recommended by the directors of purchases and the vice president for business and finance. T h e purchases were presented in two categories: purchases from appropriated funds (i.e., from State appropriations to the University); and purchases from institutional funds. T h e latter term designates funds received by the University under contracts with the United States government, private corporations, and other organizations; grants from foundations, corporations, and other donors; and University revolving funds authorized by law. T h e total amounts of these purchases were: From Appropriated Funds Recommended From Institutional Funds Recommended Grand Total $ 256 275

6 961 210 $7 217 485

A complete list of the purchases, with supporting information (including the quotations received), was sent to each member of the board in advance of the meeting. A copy is being filed with the secretary of the board for record.

On motion of Mrs. Gravenhorst, the purchases recommended were authorized by the following vote: Aye, Dr. Bacon, Mr. Boyle, Mrs. Calder, Mr. Grabowski, Mrs. Gravenhorst, Mr. Lamont, Ms. Reese, Mrs. Shepherd, Mr. Wolff; no, none; absent, Governor Edgar.