Repository: UIHistories Project: Board of Trustees Minutes - 1980 [PAGE 564]

EXTRACTED TEXT FROM PAGE:

1980]

UNIVERSITY OF ILLINOIS

553

juries when she fell as a result of ice which the University improperly allowed to remain on the walks at its Chicago Circle campus. The university counsel has recommended that he be authorized to take such steps as are necessary or appropriate, including the employment of special counsel, to protect the interests of the University in this matter and to defend the action. I concur.

Site Selection and Acquisition of Land for the Western Illinois Agricultural Research and Demonstration Center (Soil Type "A")

(3) The 81st General Assembly appropriated $503,100 to the Capital Development Board for land acquisition and for the design and construction of storage and laboratory facilities in Western Illinois for use as an agricultural research center. Two adjoining tracts of land in Hale Township, Warren County, meet the site criteria of the College of Agriculture at Urbana. One tract is an unimproved 120 acres (the Melton farm) whose owner has verbally indicated a willingness to accept a price of $474,000 ($3,950 per acre), with the owner retaining the 1980 crops. The other tract is 40 acres (the Greenstreet property) improved with a residence and several outbuildings which are of value to the University. The owners have verbally indicated a willingness to accept a price of $160,000, on the condition that they retain the 1980 crops and possibly the residence until no later than December 1980. The dollar amounts cited arc within appraisals received by the University. Acquisition of both tracts will require approximately $637,000, including incidental acquisition costs. T h e University owns several small tracts of land in the state which are used for agricultural experimentation purposes. Three of them, of approximately 20 acres each (near Carthage, Aledo, and Kewanee), could be exchanged to provide the additional funds required for the land acquisition and development of the research center. A fourth 20-acre tract near Dixon could also be used in the exchange if necessary. The owner of the 120-acre tract has verbally indicated a willingness to enter into an agreement to exchange a portion of his land for the University properties on the basis of equal value, with the balance to be purchased for cash from the Capital Development Board appropriation. Accordingly, the president of the University, with the concurrence of the appropriate administrative officers, recommends that: 1. The site for the West Central Illinois Agricultural Research and Demonstration Center (Soil Type "A") be identified as the land in Hale Township, Warren County (two tracts, 160 acres combined). 2. The 120-acre Melton farm be acquired through the exchange and purchase of land as described above. 3. T h e 40-acre Greenstreet property be acquired with funds from the Capital Development Board appropriation. •i. The University of Illinois Foundation be requested to provide any necessary interim financing until the Capital Development Board funds for the acquisition are made available. The foundation would acquire a portion of the land, and the University would lease it from the foundation at a rental sufficient to enable the foundation to pay the interest on the bank loan to finance the acquisitions, with options to purchase the land when the Capital Development Board funds are available and the closing requirements satisfied. Funds for the lease are available from nonappropriated research farm income in the budget of the College of Agriculture. 5. The comptroller and the secretary of the board be authorized to execute the