Repository: UIHistories Project: Board of Trustees Minutes - 1916 [PAGE 107]

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1914]

PROCEEDINGS OE THE, BOARD OF TRUSTEES.

,

107

All the above land is in Champaign County in the best state of cultivation. The condition I would attach upon the conveyance of the above-described land is the erection of a building upon the Campus of the University of Illinois, to cost two hundred fifteen thousand dollars ($215,000), such building to be erected within two years from this date, and the payment to me of five per cent on two hundred fifteen thousand dollars ($215,000), payable semi-annually while I shall live, and at the same rate to my executors after my death for a period of six months. The object I have in making the foregoing proposition is to have erected such building as a memorial to the memory of my deceased wife, who was a lover of music and a steadfast friend of the University. While I do not make it a condition, yet after the erection of such building, I would be greatly pleased if the board would grant a free scholarship to four girls annually who may seek a musical education but who are unable to pay the customary charges for instruction in music in such music school.

THOMAS J. SMITH.

President James stated that lie was in receipt from the Legal Counsel of the University of an opinion to the effect that the Board of Trustees might accept from Capt. Thomas J. Smith $215,000 in money for the erection of a Music Building and in consideration thereof obligate itself to pay him semi-annually during his life, and to his executors after his death for a period of six months, an income based upon the sum of $215,000, at a reasonable and current rate of interest; also, that if the board may accept the money gift under such conditions it may accept a grant of farm lands under similar conditions; and, further, that the annuity should be based upon a reasonable estimate of the value of the land—not such a value as the land would bring in cash upon a forced sale, but that which a prudent and intelligent man acquainted 'with land values would place upon it after considering its present and prospective worth. At this point Capt. Smith withdrew. After some discussion of his proposition he was invited to return and was heard in regard to his purpose and wishes in making this offer to the University. He then again retired. On motion of Superintendent Blair, it was voted to refer this matter to the Finance Committee, with the request that they work out, in conference with Capt.' Smith, a form of agreement upon which this gift may be accepted, and report the same to the board for action. Upon motion of Superintendent Blair, it was voted further that when the board adjourned it should adjourn to meet at the call of the President of the board for the purpose of considering the agreement with Capt. Smith to be formulated by the Finance Committee.

MATTERS PRESENTED BY T H E PRESIDENT OF T H E

O F F E R FOR A C R E P R O P E R T Y I N CHICAGO.

UNIVERSITY.

President James presented the following matters for consideration:

(1) A letter from Mr. W. B. Day, Actuary of the School of Pharmacy, dated July 24, 1914, stating that Mr*. Martin Griglak, 1903 West Forty-seventh Street, Chicago, had recently made an offer of three thousand? dollars ($3,000) for the acre property belonging to the University, situated between Forty-seventh and Forty-eighth Streets and adjoining Fairfield Avenue in the city of Chicago. Mr. Day is of the opinion that Mr. Griglak's offer is as good a one as we shall have for several years to come. The property has not increased rapidly in value of late, and from all present indications is not likely to increase greatly for years to come. The University, moreover, is facing at the present time the probability of having to pay large special assessments when Fairfield Avenue is opened, to the opening of which the University has already given its consent.

On motion of Mrs. Evans, Mr. Griglak's proposition was referred to the Finance Committee of the hoard for consideration and report.

A P P R O P R I A T I O N FOR GREGORY M E M O R I A L P A M P H L E T .

(2) A request from Dr. T. J. Bur rill, phairman of the Gregory Memorial Committee, for an appropriation of three hundred fifty dollars ($350), to defray the expenses of printing and distributing eleven thousand copies of the Gregory Memorial pamphlet; these expenses being estimated as follows: Printing, two hundred thirty-nine dollars and fifty cents ($239.50) ; engraving, twenty-five dollars and thirty cents ($25.30) ; addressing and postage, seventy-five dollars ($75) ; incidentals ten dollars and twenty cents ($10.20) ; total, three hundred fifty dollars ($350).

On motion of Mr. Trevett, this request was approved, and an appropriation of three hundred fifty dollars ($350) was made for the purpose named, the* vote heing as follows: Ayes, Mr. Blair, Mrs. Evans, Mrs. Henrotin, Mr.