Repository: UIHistories Project: Board of Trustees Minutes - 1980 [PAGE 269]

EXTRACTED TEXT FROM PAGE:

1979]

UNIVERSITY OF ILLINOIS

259

The student advisory vote was: Aye, Miss Kooper, Mr. Sobotka, Mr. Watson; no, none. On motion of Mr. Neal, these items were approved by the following vote: Aye, Dr. Donoghue, Mr. Forsyth, Mr. Hahn, Mr. Howard, Mr. Lenz, Mr. Neal, Mr. Stone, Mr. Velasquez; no, none; absent, Mrs. Shepherd, Governor Thompson.

Acquisition of 504 East Chalmers, Champaign

(28) T h e president of the University, with the concurrence of appropriate administrative officers, recommends that the University of Illinois Foundation be requested to purchase the property at 504 East Chalmers Street, Champaign, at a price of $24,300 and to lease it to the University at a rental sufficient to enable the Foundation to pay the interest on the bank loan to finance the acquisition. T h e lot consists of 3,928 square feet of land. The improvements were demolished in a fire, and the site has been cleared and filled. The University will construct needed surface parking facilities for the Housing Division on the property. Authorization is now requested to enter into an agreement with the Foundation to lease this property until June 30, 1979, with options for annual renewals thereafter, subject to the availability of funds. Funds for rental costs until June 30, 1979, are available in the budget of the Housing Division, and funds for any of the annual renewal periods would be included in the Housing Division budget authorization request submitted to the Board of Trustees. It is further recommended that the comptroller be authorized to exercise the option to lease this property for any subsequent annual period, subject to the availability of funds. (A schedule of the appraisals received is filed with the secretary for record.)

Acquisition of 103 South Gregory, Urbana

(29) The president of the University, with the concurrence of appropriate administrative officers, recommends that the University of Illinois Foundation be requested to purchase the property at 103 South Gregory Avenue, Urbana, at a price of $32,000 and to lease it to the University at a rental sufficient to enable the Foundation to pay the interest on the bank loan to finance the acquisition. This lot consists of 8,633 square feet, improved with an older, single-story frame house in fair condition. T h e property will be assigned to the Housing Division for student housing if economically feasible, or for surface parking. Authorization is now sought to enter into an agreement with the Foundation to lease this property until June 30, 1979, with options for annual renewals thereafter, subject to the availability of funds. Funds for rental costs until June 30, 1979, are available in the budget of the Housing Division, and funds for any of the annual renewal periods would be included in the Housing Division budget authorization request submitted to the Board of Trustees. It is further recommended that the comptroller be authorized to exercise the option to lease this property for any subsequent annual period, subject to the availability of funds. (A schedule of the appraisals received is filed with the secretary for record.)

Acquisition of a Portion of the Cruse Farm, Urbana

(30) In 1965 the University of Illinois Foundation acquired the Cruse farm (298.93 acres) in Champaign County at a cost of $3,050 per acre and leased it to the University. T h e lease agreement gives the University an option to purchase