Repository: UIHistories Project: Board of Trustees Minutes - 1914 [PAGE 70]

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68

UNIVERSITY OF ILLINOIS.

[July 5,

It was voted to approve this plan; to authorize the increase of the locker fee in the Men's Gymnasium from 50 cents to $1 a semester, and the charging of a deposit of 25 cents for the first towel issued to each student; and to appropriate the proceeds of this fee and deposit to the Department of Physical Training for Men for the support of the proposed clean towel system.

COST OF L A N D B E T W E E N GOODWIN A N D MATHEWS AVENUES.

(11) A report from Dr. W. F. M. Goss, Dean of the College of Engineering, concerning the cost of the land between Goodwin and Mathews avenues in Urbana purchased during the past year for the College of Engineering.

This report was received to be printed in the minutes.

URBANA, I I I . , July 2, 1912.

Dr. Edmund J. James, President of the University of Illinois. DEAR SIR: Supplementing my report upon this subject submitted under date of October 31, 1911, I transmit herewith a statement of the cost of all land purchased by the University between Goodwin and Mathews avenues and between the "Boneyard" and the railway track as a site for the new engineering buildings. The greater part of the land in question faces improved streets. It was occupied by six houses, five of which have been sold and removed. To determine what part of the price paid could be regarded as necessary to cover the improvements upon the several pieces of land, a committee of local experts was organized to view the property and to report to me their findings. Those who served upon this committee were Mr. S. K. Hughes, real estate agent, Champaign, Mr. George W. Harwood, President of the Champaign Building and Loan Association, Champaign,-and Mr. D. Osborn, a leading building contractor of the city of Urbana. These gentlemen inspected the property in company and severally agreed to the values reported. A copy of their report is hereunto attached as Exhibit A. The original is held in my office for permanent record. The location and size of the several lots are set forth by the accompanying blue-print. The tabulated statement which follows shows in the fifth column the gross sum paid for each lot with its improvements. The sixth column shows the value of improvements as fixed by the expert committee, and the seventh column the net cost of the land. The eighth and ninth columns show respectively the cost per front foot and the cost per square foot after deducting the cost of improvements. The total amount paid by the University for the whole area which it has secured is $37,700. You will recall that before entering upon this purchase I estimated our possible expense as $40,000. Against the total expenditure there has been a credit arising from the sale of the houses, which credit, after deducting therefrom all incidental costs of advertising, back taxes, expert advice, commissions, etc., amounts to $1,432. The net expenditure is, therefore as follows: Total sum paid by the University $37,700 00 Credit from sales 1,432 00 Net total cost $36,268 00 The area of the land purchased amounts to 114,120 'square feet. The University has paid for this land, with its improvements, $36,268, or 32 cents per square foot. If the estimated value of the improvements is deducted from the purchase price, the cost per square foot for the land is reduced to 18 cents. In order to ascertain the average cost per front foot, it will be necessary to take out a piece 8 rods wide and 18 rods long containing 39,204 square feet, which has no frontage. This includes the Ferguson property (Lot 5) and the back half of the Conkle property. Assuming that this ground having no frontage is worth 8 cents per square foot, Its value would, in round numbers, be $3,200. The cost for the land having frontage would then stand as follows: Total amount paid $37,700 00 Credits: Estimated value of buildings $14,900 00 Estimated value of portions having no frontage 3,200 00 18,100 00 Amount paid for property fronting on improved streets $19,600 00 The total frontage on both Goodwin and Mathews avenues amounts to 571 $19,600 00 feet, making the average cost per front foot - = $34.00. 571 Respectfully submitted, W. F. M. Goss. [EXHIBIT A.] Dean W. F. M. Gosss Urbana, III. DEAR SIR: This is to certify that we, the undersigned, on July 21, 1911, went to the property known as lots one (1) and two (2) in Wm. M. Goodwin's Second Addition to Urbana, Champaign County, State of Illinois, and there examined the properties listed below and estimated the present values of. the buildings thereon,