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Caption: Board of Trustees Minutes - 1918
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618 BOARD OF TRUSTEES [November 9, Property at 1756-58 Polk Street Being the double three-story and basement brick store and apartment building at the northeast corner of South Wood and West Polk Streets. Size 50 feet by 115.19 feet. Described as Lots 4 and 5 in Eisenstein's Resubdivision of Lots 1, 2, 3 and 4 and south 15 feet of Lot 5 in Carpenters Resubdivision of the W ¥2 of Block 5 in Assessor's Division of E xk of S E Y\ of Section 18, Township 39 North, Range 14 East of the third principal meridian. Contract purchase price .L .$13,750.00 Commissions and attorney fees 498.33 Total cost ..$14,248.33 Property at 721-3-5 South Wood Street Being the three-story and basement brick, stone front, school building and ground 60 feet by 123.79 feet to 17-W alley, described as Lots 7 and 8 and the north 10 feet of Lot 6 in the Resubdivision of the West yi of Block 5 in Assessor's Division of the East V2 of the Southeast % of Section 18, Township 39 North, Range 14 East of the third principal meridian. Contract purchase price $16,100.00 Commission and fees 576.67 Total cost ^16,676.67 This property is subject to an encumbrance of $7,000 in favor of the Woodlawn Trust and Savings Bank, Chicago, dated October 27, 1917, running five years at 6% interest payable semi-annually. I have also received reports showing the operations of our agents, McKey and Poague, with respect to the income and expense of these properties from February, 1917, to date, summarized as follows: Income from property at 1756-8 West Polk Street $1,232.87 Income from property at 721-5 South Wood Street 603.00 $ 1,835.87 Expenses of properties, including commissions i&75;68 Deficit from operations „ $139.81 The cash summary in connection with the purchase of the properties is as follows: Cash advanced by me on University warrants $24,258.33 Mortgage on South Wood Street property assumed 7,006.00 $31,258.33 Purchase price of properties Deficit on operations Net balance to our credit with McKey and Poague Cordially yours, ;,$30,Q25.oo 139.81 31,064.81 $ 193.52 LLOYD MOREY On motion of Mr. Carr, the action of the President of the Board in purchasing this property was approved.
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