Repository: UIHistories Project: Board of Trustees Minutes - 1902 [PAGE 41]

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UNIVERSITY OE ILLINOIS.

[Nov. 9

(2) The West Division high school building occupies a half block of ground, having an area of 42,845.76 square feet and having a possibility of enlargement of 4,272 square feet by the vacation of an alley. This school building is adjoning the building of the College and, if obtained, the whole would really become one piece of property. It is, therefore, for the College, the most desirable piece of property in its vicinity. The building occupies about 27,500 square feet of ground, only about two-thirds of the whole tract. It is three stories high not including the basement, which is a fairly good story for certain purposes. It is well built and is in good condition. It is sufficiently large to accommodate 1,200 high school pupils, has 28 rooms for instruction besides a large assembly room seating 1,250, and three laboratories and other necessary rooms, together with cloak and toilet rooms. The building is much larger than necessary to accommodate the increase of the students in the College of Medicine, for several years, and, therefore, is not an economical investment unless immediate occupancy can be provided by a permanent tenant that would not interfere with the use of the remainder of the building by the College. Your Committee is assured that such an arrangement, entirely agreeable to all parties interested, can be consummated. (3) Your Committee has carefully estimated the value of the said property and is of the opinion that it is worth $170,000 to 175,000. (4) The price asked by the Board of Education of the City of Chicago, is $186,000, and it is the belief of the members of the faculty of the College conversant with the matter that the price fixed by the School Board cannot be reduced at present, and that an attempt to secure a reduction would be at the risk of the withdrawal of the offer at any price. The advantage of having additional buildings on contiguous property makes this property of more value to the College by an indetermined amount than any other. This will in large measure diminish the difference between the two figures. (5) Your Committee has been especially particular to determine as accurately as possible the amount of income and expense the Medical College may reasonably expect following the purchase of the said property. It is the desire and determination of the faculty of the College of Medicine to organize a Dental School as a department of the Medical College and have it occupy a part of the new building. We have all also considered the possibility of providing the Pharmacy School of the University with quarters in the building. In this manner we estimate that the building would be well occupied from the opening of school in 1901, and, while there would still be much room for expansion in the College and in each of the schools, the building would be so occupied from the first that an excess of revenue above expense may be safely relied upon the first year, as well as a gradual increase in surplus during succeeding years. The income from the Medical College which will fall to the Medical College purchase and endowment fund of our treasury this year will be sufficient, if continued, to pay out the contract with the College of Physicians and Surgeons within the period of the contract. We estimate that on the most conservative and trustworthy basis the use of the new building by the Medical College would produce sufficient additional surplus each year to pay for the new building, likewise during the term of the contract. (6) It was the fear of some members of the Committee that the large cost of this property would so increase the amount now provided for in the contract that the period of fulfillment of the contract would be indefinitely extended. This fact has caused the Committee to .,be unusually careful in its estimates. Our conclusions are that while the amount of the contract would be increased to about $400,000, the income to our treasury would amount to $15,000 a year on an average, which would pay off the total within the original limit of the contract. Now, in accordance with the conclusions arrived at by your Committe, the following resolutions are presented by your Committee and are recommended for adoption: WHEREAS, The Medical College of this University is in need of larger quarters for its present and growing attendance; and,