Caption: Board of Trustees Minutes - 1994
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1995] UNIVERSITY OF ILLINOIS 295 Proposed Property Acquisition Vice President Bazzani briefed the board members on a proposed property acquisition in Chicago, located South of Roosevelt Road near the east side of the Chicago campus. This consists of two large warehousetype structures that could be used by the Chicago campus for storage. The purchase price anticipated for these buildings would be between $2.7 and $3.0 million. This would would be less than $20 per square foot. If acquired, the University would plan to continue leases for several of the current tenants until such time as the campus needed the space. Proposed Sale of Real Property Vice President Bazzani next reported on a recommendation that the University sell 2,000 acres of farmland near Bloomington, Illinois, known as the Addington Farms. He explained that the University of Illinois was the beneficiary of a remainder trust of Mr. C. U. Williams. Dr. Bazzani told the board that sale was proposed in an effort to balance the University's investment portfolio. Dr. Bazzani indicated that the College of Agriculture wishes to sell these farms and that thus far several firms that might conduct this sale for the University have been interviewed. It is anticipated that the sale of these farms will bring the University approximately $5 million. This would be placed in an endowment fund. Dr. Bazzani concluded by saying that these properties were unrestricted in the use the University could make of them. President Ikenberry added that the University had been reducing their farm holdings, first in the University of Illinois Foundation's portfolio, for the last two to three years. Comments from President Ikenberry President Ikenberry then referred to a special aspect of compensation that some administrators currently have. This is the assignment of an automobile for their use. Currently, the University assigns these for business purposes. Any personal use is paid for by the individual. However, since there is a preference on the part of the board for compensation to be put into salary, the president indicated that these automobiles would be discontinued over the next year, as leases expired in most cases. In order to change the form of compensation to one in which all compensation is reflected in salary, these individuals will be afforded a salary increase sufficient to replace the current annual value of the automobile. The trustees concurred that this was advisable. EXECUTIVE SESSION ADJOURNED There being no further business, the executive session adjourned at 1:45 p.m.
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