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Caption: Board of Trustees Minutes - 1918
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I9I8] UNIVERSITY OF ILLINOIS 64I structions were necessary. Acting under the authority you gave me to da whatever was necessary to house and feed and instruct properly the Schoolof Military Aeronautics, we have proceeded with the necessary expenditures, leaving to a later date the financial adjustment between the University and Y. M. C. A. We can now have a better idea of what was involved in undertaking to make it possible for the Federal Government to locate the School of Military Aeronautics at the University, and we are perhaps now in a position for the first time to make a reasonable contract with the Y. M. C. A. for the use of their building. At my request the Comptroller has drafted a proposed agreement between the University and the Y. M. C. A. for the use of the Y. M. C. A. building in connection with the School of Military Aeronautics which is herewith submitted. IPROPOSED AGREEMENT FOR THE USE OF THE Y. M. C. A. BUILDING IN CONNECTION WITH THE SCHOOL OF MILITARY AERONAUTICS—FEBRUARY 15, 1918] I. The University will rent from the Y. M. C. A. for a period of one year beginning July 1, 1917, the entire building on a basis of six and one-half per cent, on a valuation of $125,000, the Y. M. C. A. to pay insurance and taxes, the University to operate and maintain the building; rental...., ,. $8,125.00 II. The University will reimburse the Y. M. C. A. for its outla}'- for janitor service from July 1 to December 31 875.00 III. The University will purchase from the Y. M. C. A. the entire dining roomi equipment, present valuation....$7,5oo.oo Less amount provided in connection with reconstruction work , 900.00 6,600.00 Total consideration .,...; •. Credit against the above consisting of the realization of the Y. M. C. A. on the building from July 1 to December 31 $15,600.00 5,600.00 Net amount to be paid to the Y. M. C. A. by the University in cash between July 1 and June 30 .... 10,000.00 To be paid as follows: In cash at once 5,000.00 In six equal monthly installments from January to June, inclusive, total 5,000,00 10,000.06 IV. The University will for the present assume the entire cost of reconstruction, remodeling, and repairing the building, total as at this date including both general and special work, about $21,000.00. It is understood that when the building is turned back to the Y, M. C. A. the matter of
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