Repository: UIHistories Project: Board of Trustees Minutes - 1980 [PAGE 140]

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130

BOARD OF TRUSTEES

[November 17

A proposal has been received from the Metropolitan Fair and Expedition Authority for a lease which will continue to make available the concourse level exhibit area and in addition provide space designated as the Chicago Room for the period April 30, 1979, through May 5, 1979, and November 5, 1979, through November 10, 1979, at a total rental amount of $15,220. Funds are available in the operating budget of the Accountancy Committee CPA Examination Account. The vice president for administration, with the concurrence of appropriate administrative officers, has recommended that the lease as proposed for 1979 be executed. I concur.

Authority to Enter into Agreement to Provide Land and Facilities for West Central Illinois Agricultural Research and Demonstration Center

(18) T h e Eightieth General Assembly appropriated the sum of $313,425 from the Capital Development Fund to the Capital Development Board for use of the Board of Trustees of the University to pay three-fourths of the total cost of land acquisition, design, and construction of an agricultural research and demonstration center in the west-central area of Illinois. The West Central Illinois Agricultural Research and Demonstration Center, Incorporated, a private, not-for-profit corporation, was formed to fulfill local obligations for providing the remaining one-fourth of the total cost of the project. The corporation has also secured an option to purchase a 258-acre farm in Pike County which meets the requirements for the center and proposes to construct a residence and related facilities on that land to the specifications of the University. T h e president of the University, with the concurrence of appropriate administrative officers, recommends that the comptroller and the secretary of the board be authorized to execute the necessary documents and agreements with the Capital Development Board and the corporation to provide for the conveyance of land and facilities to the University for the West Central Illinois Agricultural Research and Demonstration Center.

Oil Lease, Grace V. Campbell Farm

(19) T h e University has been a recipient of a farm in DeWitt County near Wapella, Illinois, under the terms of the will of Grace V. Campbell. The income is to provide scholarships for Illinois farm youth attending the University of Illinois at Urbana-Champaign. The University has received an offer from D. M. Davison, Consulting Geologist, Mattoon, Illinois, to drill a well(s) for prospecting for oil on the Campbell farm. Under the terms of the lease proposed, $500 or more would be paid by the lessee for each well drilled (for land and crop damage). T h e University would receive a royalty of one-eighth of the value of oil and gas produced. The vice president for administration, with the concurrence of appropriate administrative officers, has recommended that the University enter into this agreement for a period of two years and that the comptroller and the secretary be authorized to execute the lease as described. I concur. O n m o t i o n of M r s . R a d e r , this r e c o m m e n d a t i o n w a s a p p r o v e d a n d a u t h o r i t y w a s g i v e n as r e q u e s t e d .

Resolution to Establish Checking Account, Continental Illinois National Bank and Trust Company, Chicago

(20) At the September 20, 1978 meeting, the Board of Trustees authorized the