Repository: UIHistories Project: Board of Trustees Minutes - 1920 [PAGE 341]

EXTRACTED TEXT FROM PAGE:

1919]

UNIVERSITY OF ILLINOIS

337

In connection with this proposal, I submit herewith also the following: Schedule I —Statement of Investment of the Y. M. C. A. in this building and its equipment. Schedule II—Statement of Estimated Revenue and Expense from the building, showing minimum and maximum possibilities. Schedule III—Summary of Operations of the building for the four months, January to April, 1919, inclusive. Your attention is particularly called to the fact that the maximum estimate of net revenue from the building, as shown by Schedule II, is $7,000 per year. To obtain this net revenue the most ideal and favorable conditions would be necessary, and there would be little or no margin for emergency. In my opinion the building may be unquestionably operated on a purchase basis of $90,000; that it may be easily operated on a purchase basis of $100,000; that it may probably be operated on a basis of $110,000, but that it is unlikely that a satisfactory return could be had on a purchase price exceeding $110,000. For these reasons, I am obliged to recommend that the offer from the Young Men's Christian Association, as made in the enclosed communication, be declined. Respectfully submitted,

LLOYD MOREY

Comptroller May 15,1919 Mr, Lloyd Morey, Comptroller, University of Illinois, XJrbana, Illinois

DEAR M R . MOREY:

After consultation with some of our friends who have been chiefly interested in the erection of the Y. M. C. A. Building, we find that there is no objection on their part to the sale of the Building providing the Association can get a price that is equitable in view of the circumstances to be considered. On behalf of the Board of Directors I desire to submit the following proposition: That the University cancel any outstanding obligation it may have against the Association on the repair account and purchase the Y. M. C. A. Building at a consideration of $130,000. With regard to terms I am sure that these can be arranged to the mutual satisfaction of the Association and the University. We would like to have the privilege of continuing in the present quarters we are occupying until such time as satisfactory arrangements can be made for other accommodations. Mr. J. W. Stipes and Mr. Ross R. Mattis have agreed to act on the Committee to arrange any details that might be involved in making a transaction. These men will be glad to meet with us at any time you may suggest. Very truly yours,

F. W. PARR

Chairman, Board of Directors I concur in the Comptroller's recommendation that the University do not accept this offer.

in.

On motion of Mr« Trimble, this recommendation was concurred