Repository: UIHistories Project: Board of Trustees Minutes - 1980 [PAGE 640]

EXTRACTED TEXT FROM PAGE:

1980]

UNIVERSITY OF ILLINOIS

629

their participation in prior litigation would have no consequence or import in the Rice Foundation's consideration of those applications. The University's one-fifth share of the expenses of the litigation through April 30 amounted to approximately $58,000. T h e University's share of the May 1980 expenses is estimated at approximately $6,000. Co-counsel has advised that the costs of further proceedings through completion of the trial in the Circuit Court of Cook County case would be $75,000 to $85,000. T h e four private institutions would not participate in paying any of the latter amount. The co-counsel represented that in his view the likelihood of prevailing on the issue of the validity of the 1974 Bylaws was no better than 50/50 and that undoubtedly the party who did not prevail would appeal the matter. In view of the positions taken by the other four medical institutions, the substantial additional expense which would be involved if the University were to continue the litigation on its own, and the uncertainty of the ultimate result, the university counsel and the vice president for administration, with the concurrence of the president of the University, recommended the discontinuance and settlement of the Rice Foundation litigation on the terms stated above. The members of the Executive Committee approved the recommendation. T h i s r e p o r t w a s r e c e i v e d for r e c o r d . Acquisition of Land for the Western Illinois Agricultural Research a n d Demonstration Center (2) On March 20, 1980, the Board of Trustees approved of the acquisition of two adjoining tracts of land in Hale Township, Warren County, for a site for the Western Illinois Agricultural Research and Demonstration Center (Soil Type " A " ) . One tract is of 40 acres (the Greenstreet property), and the owners have agreed to accept a price of $160,000. T h e other tract is of 120 acres (the Melton farm), whose owner has agreed to accept a price of $246,000, plus exchange of three small tracts of University-owned land •— of approximately 20 acres each — near Carthage, Aledo, and Kewanee. T h e terms of these acquisitions are consistent with the board's approval of March 20, 1980. In order to formalize the previous action of the Board of Trustees, the president of the University, with the concurrence of the appropriate administrative officers, recommends adoption of the following resolutions to accomplish the acquisition of the Greenstreet property and the Melton farm as outlined above. Funds have been appropriated to the Capital Development Board from Capital Development Bond funds (FY 1980) for the benefit of the University, subject to release by the governor. Resolution Authorizing Acquisition of 40-Acre Greenstreet Farm, W a r r e n County, Illinois, as Part of the Site for the Western Illinois Agricultural Research Center Whereas, pursuant to authorization of T h e Board of Trustees of the University of Illinois, a public corporation of the State of Illinois, with its principal office in the City of Urbana, in the County of Champaign and State of Illinois, hereinafter referred to as "University." given at its meeting on March 20, 1980, the Comptroller and Secretary of this University have entered into an agreement on behalf of and in the name of this University with Willard Charles Greenstreet, R.R. # 1 , Oquawka, Illinois, and Janet I. Greenstreet, R.R. # 3 , Monmouth, Illinois, previously married but now divorced, as Owners, and Security Savings and Loan Association, 220 East Broadway, Monmouth, Illinois, as Mortgagee, and both Owners and Mortgagee are hereinafter referred to as "Sellers," under date of