Repository: UIHistories Project: Board of Trustees Minutes - 1990 [PAGE 91]

EXTRACTED TEXT FROM PAGE:

1990]

UNIVERSITY OF ILLINOIS

79

said title to said property by said Board of Trustees of the University of Illinois and to have the compensation to be paid therefor determined by the institution and prosecution to completion of a proceeding in eminent domain in a court of competent jurisdiction and that the University Counsel of the University of Illinois be, and he is hereby, authorized to proceed accordingly, to institute and prosecute an eminent domain proceeding in the name and on behalf of the Board of Trustees of the University of Illinois for the acquisition of said land and the determination of the compensation to be paid by it therefor, and to employ such special legal counsel, appraisers, and others as he may deem necessary or desirable to assist him in the institution and prosecution of said proceeding.

On motion of Mrs. Calder, the foregoing resolution was adopted by the following vote: Aye, Dr. Bacon, Mr. Boyle, Mrs. Calder, Mrs. Gravenhorst, Mr. Hahn, Ms. Reese, Mrs. Shepherd, Mr. Wolff; no, none; absent, Mr. Grabowski, Governor Thompson. (The student advisory vote was: Aye, Mr. Forbes; absent, Ms. Kelly.)

Acquisition of Property, 501 East Daniel Street, Champaign

(38) During the past year, the Bank of Urbana acquired title to the property located at 501 East Daniel Street, Champaign. This property was previously owned by the Heth Chapter of the Acacia Fraternity. T h e fraternity retained an option to purchase the property until August 27, 1990, but was unable to acquire the funds necessary to purchase the property from the bank. T h e property can be utilized for office purposes with relatively minor remodeling. Acquisition of the property will help to alleviate serious space deficiencies in the central portion of the campus. Several campus units are being considered for assignment to this space. T h r e e appraisal firms have appraised the value of the property. T h e appraisals vary widely depending upon the intended use and the estimated amount of time which would be available to sell the property. They range from $1,000,000 (quick sale) to $1,481,000. T h e University Office for Capital Programs has determined the value of the property for University use to be approximately $1.2 million, a price supported by the University's appraisal. In August the University requested that the Foundation: (1) enter into an agreement to purchase the property at a price of $1.2 million; and (2) apply $800,000 available in the Ivan Racheff Fund gift income account held in the Foundation to the purchase price. T h e Foundation authorized the purchase and acquired title and possession of the premises on August 27, 1990, borrowing the remaining funds from the First National Bank of Chicago. Accordingly, the president of the University, with the concurrence of the appropriate administrative officers, recommends that the property at 501 East Daniel Street, Champaign, be acquired from the University of Illinois Foundation at a total cost which is estimated to be $403,000 (the amount borrowed by the Foundation plus the carrying costs). Private gift funds in the Office of the President are available for this purchase. (The property is located in the central portion of the campus, approximately IV2 blocks west of the Henry Administration Building on a site containing 29,601 square feet of land (0.68 acres). T h e land is improved with a three-story masonry building constructed in 1986 and has parking for 30 vehicles. T h e building contains approximately 22,500 gross square feet, including 6,025 square feet of finished space below grade. T h e building was architecturally designed and has an above average fire standard. Its design of larger open areas on the lower levels and numerous small rooms on the upper levels is suitable for conversion to office use.)

On motion of Mrs. Calder, this recommendation was approved by the following vote: Aye Dr. Bacon, Mr. Boyle, Mrs. Calder, Mrs.