Repository: UIHistories Project: Board of Trustees Minutes - 1990 [PAGE 117]

EXTRACTED TEXT FROM PAGE:

1990]

UNIVERSITY OF ILLINOIS

105

Strip B T h e North Ten (10) feet of Lot One (1) in Ben Baer's Addition to the City of Champaign.

O n motion of Ms. Reese, the foregoing resolution was adopted by the following vote: Aye, Dr. Bacon, Mr. Boyle, Mrs. Calder, Mr. Grabowski, Mrs. Gravenhorst, Mr. H a h n , Ms. Reese, Mrs. Shepherd, Mr. Wolff; no, none; absent, Governor T h o m p s o n . ( T h e student advisory vote was: Aye, Mr. Forbes, Ms. Kelly; no, none.) Sale of Property Interest in Livingston County

(23) T h e University received a fractional interest in an eighty-acre tract of farmland through a bequest from John M. Miller.1 T h e bequest is to be used for cleft palate medical research. John M. Miller's will provided for the creation of a life estate of his fractional interest in the land for his parents (both of whom are deceased) with a remainder for life for his sister, Mary Lee Miller, who is still living. T h e will provides, upon the death of Mary Lee Miller, that the remainder interest shall pass to the University of Illinois and Marquette University. Thus, the universities have a vested interest in the undivided one-fourth interest of John M. Miller, subject to the life estate of Mary Lee Miller. T h e owners of the other interests, including the life tenant, Mary Lee Miller, desire to sell the eighty-acre tract of farmland. T h e other owners obtained an appraisal of the property from Darvestment Company, Ltd. T h e property was appraised for $1,000 (One Thousand Dollars) per acre. Following receipt of the appraisal, an offer to purchase was submitted by John Telford in the amount of $962.50 per acre. Mr. Telford has farmed the land for many years and is also the successor to the remainder interest of one of the fractional owners. T h e owners of the other interests have indicated their willingness to sell based on the offer submitted by Mr. Telford. T h e aggregate value of the remainder interest owned by the University has been estimated at $1,565 on the basis of the offer submitted. T h e vice president for business and finance, with the concurrence of the appropriate administrative officers, recommends the sale of the University's interest in the above-described land, in accordance with the offer submitted, and accordingly approval of the following resolution. I concur.

Resolution Authorizing Transfer of Real Property in Livingston County, Illinois

Whereas, the hereinafter described tract is a parcel of real estate in which the University received a fractional interest thereof under the last will and testament of John M. Miller; and Whereas, the other owners of the interests in the hereinafter described property have agreed to sell the hereinafter described property to John Telford for a total purchase price of $57,750, with the University of Illinois' share of said payment being $1,565; Now Therefore, Be It and It Hereby Is Resolved by the Board of Trustees of the University of Illinois, a public corporation of the State of Illinois, with its principal office in the City of Urbana, in the County of Champaign, and the State of Illinois, that the Comptroller and Secretary of this corporation be and they hereby are, 'John M. Miller of Odel, Illinois, was a 1943 graduate in management in the College of Commerce and Business Administration.