Repository: UIHistories Project: Board of Trustees Minutes - 1992 [PAGE 39]

EXTRACTED TEXT FROM PAGE:

1992]

UNIVERSITY OF ILLINOIS

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1993 and 1994 to accommodate AISS units. The University has an option to lease the property after September 1, 2003, in the event that funds to acquire the facility are not appropriated prior to that time. If the facility is not purchased by September 1, 2003, title to the property (including improvements) reverts to SURS. The vice president for business and finance recommends the agreement be approved as indicated above. I concur.

On motion of Dr. Bacon, this recommendation was approved by the following vote: Aye, Dr. Bacon, Mr. Boyle, Mr. Downey, Mr. Grabowski, Mrs. Gravenhorst, Mr. Lamont, Ms. Reese, Mrs. Shepherd; no, none; absent, Mrs. Calder, Governor Edgar. (The student advisory vote was: Aye, Mr. Begovich, Mr. Lawless; no, none.) Authorization to Sell Land in Macoupin County

(30) In November 1980, an undivided l / 2 0 t h interest in approximately one quarter section of farmland near Carlinville in Macoupin County was conveyed to the University by the estate of Howard Braley for the exclusive use of the Illini Achievement Fund, now known as the U of I Advancement Fund. The other owners would like to sell the property and have asked that the University join with them to list the property with a real estate agency to accomplish this purpose. Based upon appraisal information available to the University, it is estimated that the University's share is valued at approximately $4,000. The vice president for business and finance has reviewed this transaction and believes that it is in the University's best interest that the property be sold. Accordingly, the president of the University, with the concurrence of the appropriate administrative officers, recommends adoption of the following resolution authorizing the comptroller to solicit offers and to sell the University's interest in this property upon terms which are acceptable to the comptroller. The proceeds of the sale will be deposited in the U of I Advancement Fund for the unrestricted use of the University.

Resolution Authorizing Sale and Conveyance of Property in Macoupin County, Illinois

Whereas, an Agreement was made by Howard D. Braley, as Grantor, and Trust Company of Morris County (which later became American National Bank and Trust Company of New Jersey), as Trustee, dated May 28, 1959; and Whereas, Howard D. Braley died on January 11, 1977, and upon his death the trust was continued for the benefit of the settlor's wife, Pearl H. Braley, in accordance with said agreement dated May 25, 1959; and Whereas, Pearl H. Braley died August 20, 1980, at which time the balance remaining in said trust fund was to be divided into ten (10) equal shares; one (1) equal share to be paid over and delivered to the Illini Achievement Fund of the University of Illinois (now known as the U of I Advancement Fund), and the remaining nine (9) equal shares to be paid over and delivered to settlor's son, William W. Braley; and Whereas, among the assets of the trust was a one-half interest in one-fourth section of farm land near Carlinville in Macoupin County, Illinois; and Whereas, American National Bank and Trust Company of New Jersey, as Trustee and Executor under the Will of Howard Braley, deceased, by Warranty Deed dated November 12, 1980, and recorded on November 14, 1980, in Volume 867 of Deed