Repository: UIHistories Project: Board of Trustees Minutes - 1912 [PAGE 514]

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470

UNIVERSITY OE ILLINOIS.

[Aug. 1

the ground, which is $10,000.00 less than the valuation of the *Real Estate Board in 1907, and less than the average of three independent estimates, the total is $312,000.00, i. e., $3,000.00 more than the amount given above. It would appear, therefore, that there should be no difficulty in making it plain to everyone that the rental paid for this property is an extremely low one, and that the interests of the State are thoroughly safeguarded. I t was voted unanimously to be the opinion of those present that the Executive Committee should lease the plant of the College of Physicians and Surgeons for the use of the Medical School of the University, on the best terms possible, for a period of, not to exceed two years.

AUTHORITY TO PURCHASE CONKLE LOTS.

The president of the University announced that an offer would probably be made of the Conkle lots, situated in the tract east of Mathews av., south of the Illinois Traction System right of way, north of Silver creek (commonly known as the Boneyard stream), and west of Goodwin av., being two lots lying on the northwest corner of said tract with the buildings thereon, for the sum of $10,000.00, with an added payment of $500.00 to reimburse the owners of said premises for the expenses of the improvement of Mathews av., and $50.00 for the legal expenses connected with the necessary proceedings in a friendly suit before the court in order to clear the title on account of the fact that one of the heirs is non compos mentis. It was voted that the president of the University be authorized to state that the University would purchase the property on the conditions named, if thereby expensive litigation in condemnation proceedings can be avoided. On motion of Mr. Grout, the Executive Committee approved the actions taken by the members of the board present at this meeting as reported in the foregoing pages, and accepted these actions as the actions of the Executive Committee. The committee adjourned. W. L. ABBOTT, Chairman.

* In answer to a request of the College of Physicians and Surgeons in the spring of 1907, the valuation committee of the Chicago Real Estate Board, consisting of Messrs. Walter Mills, Ernest Wollensdorf, E. Orris Hart, Russel D. Hill,- and Rohert C. Butzow, set a value of $70,000, according to their letter of March 19, 1907, upon the ground occupied by the buildings of the College of Physicians and Surgeons. Messrs. Minard L. Beers and W. Carbys Zimmerman in a letter of November 6, 1906, to Mr. S. A . Bullard, chairman of the joint committee of the University of Illinois and the College of Physicians and Surgeons, stated that they had gone over the buildings very carefully and had arrived at a conclusion that the medical building (the High School building) was worth $152,000, and that the dental building was worth $61,000. In a letter of March 14, 1907, Mr. J. A. Wendell, real estate agent in the city of Chicago, stated that in his opinion the sum of $20,000 for the lot upon which the old medical building is situated, and $35,000 for the lot on which the new medical building, i. e., the High School building, is situated, would be a very conservative figure for the value of these lots. Under date of March 15,1907, Mr. L. Bartholomew, real estate agent in Chicago, stated that in his opinion an estimate of $20,000 for the lot on which the old building was situated arid $36,330 for the lot on which the old High School building is situated, would be a low estimate. ' * ' In a valuation made by Dr. Ingalls, for the purpose of showing that the valuation agreed upon was too large, the price placed upon the lot on which the old medical building is situated was $16,700.00, and the price placed upon the lot on which the High School Building is situated was $32,312.50. Dr. Ingalls placed a valuation of $171,543.00 on the High School Building and addition, and a valuation of $80,879.24 on the old medical building, mating a total for the buildings and grounds of $301,434.74, Deducting $7,700.00 for the portion of the grounds included in Ingall's valuation and occupied by the West Side Hospital, there would be left a total valuation of $293,734.74. If to that be adde*d the value of the equipment and furnishing, amounting to $100,00.00, the total would be $393,734.74, which is $7,734.00 in excess of the estimate finally agreed upon. A less desirable lot at the corner of Lincoln and Honore streets, only 77 feet wide, was sold in 1906 for $16,000.00, and 5 per cent interest for several years in cash. There is no doubt that if the university were to start out to buy land and erect a plant for its own purposes, as well adapted as the plant it now has, it would cost a much larger sum than the value here stated, though of course it would have the great advantage of being new and up to date in every respect. It is to be hoped that the legislature will enable the university to do this before very long.